LendingClub lays off 30% of staff, company president included
April 23, 2020
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LendingClub has been hit hard due to COVID-19, the company announced this week it is laying off 30% of its workforce which works out to 460 employees. In an unusual twist of events the company will also be laying off its president, Steve Alloca.
“With these actions, we believe we are well positioned to achieve our long-term strategic goals and better serve our members, who will need us more than ever, once the economy stabilizes,” Sanborn said.
Prior to joining LendingClub, Steve was an executive at PayPal, Scott Sanborn who serves as CEO will also be taking a 30% pay cut.
