LendingClub Lays Off 30% of Its Employees -- Including Its President

The Coronavirus pandemic has hit the online lending marketplace LendingClub NYSE: LC) hard.

The company announced in a regulatory filing Tuesday that it is laying off 460 employees -- roughly 30% of its workforce -- in order to support its borrowers, protect investor returns, and preserve capital and liquidity.

One of those employees being laid off is LendingClub President Steve Alloca, a former Paypal executive who had been with the company for about three years, according to his LinkedIn profile.

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Source Fool.com