LendingClub Corp. (NYSE:LC) noted, in response to an article entitled “LendingClub’s Newest Problem: Its Borrowers” published on July 12 by The Wall Street Journal (WSJ), that lower-grader loans, which have had higher charge-off rates recently, are just 25% of its loan volume. The company noted that 75% of its standard program loan volume has nonetheless shown impressive stability.
In other news, LendingClub has appointed Patrick Dunne as the new Chief Capital Officer (CCO).
Some of Dunne’s obligations as the new CCO of LendingClub include strategic partnerships with different financial entities as he oversees the LendingClub Investor Group. Last May, the company’s board of directors ousted Renaud Laplanche, former LendingClub CEO, after finding out about his failures to report significant errors that affected the company.
Dunne sees the appointment as an exciting opportunity not just for his career but for LendingClub and its investors as well. Highlighting the success of Lending Club over the past years, Dunne is delighted to be working for the company.
Why LendingClub Chose Dunne
Dunne earned his BA from the University of California (UC), Berkeley. He also holds an MS in Management, which he earned from the Stanford Graduate School of Business (SGSB). Dunne, backed by nearly three decades of experience in investments, has already shared his expertise and leadership with the likes of Barclays Global Investors, BlackRock Inc. (NYSE:BLK), and iShares Global Markets.
Scott Sanborn, LendingClub CEO and President, highlighted Dunne’s broad and diverse experience in the financial industry. Sanborn believes that Dunne being on board the company will contribute significantly in LendingClub’s continuous growth. As he puts it, Dunne will help the company reestablishes its promise of valuable and customer-oriented service to all of its clients.
Last month, LendingClub revealed that it expects the loan volume for the second quarter of the year to be down by about 33% from the previous quarter’s loan volume of $2.75 billion. Moreover, the company emphasized that growth in profit and revenue is not likely to transpire until the first half of next year as it focuses on strategic measures to lift up its loan purchases.