Lending Club Sinks After Raising Standards, Warning On Loan Volume

Lending Club (LC) continued its descent in the stock market today after the online lending platform raised credit standards and most interest rates, amid concerns about weaker loan volume growth and the company’s own alleged financial misconduct that forced out senior officials.

Lending Club on Tuesday also said that it had adjourned its yearly shareholder meeting and that investment management firm Baillie Gifford, its second-largest shareholder, had shed its 9.1% stake.

“Given the...

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