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Lending Club Is Cutting its Internship Program

BYBenjamin Snyder
May 18, 2016, 7:27 PM UTC
Courtesy of LendingClub

Loan provider Lending Club (LC) just announced it’s axing its 10-week summer internship program.

The move comes as the company’s been struggling to hold onto investors for its loans. Additionally, Lending Club’s CEO Renaud Laplanche was forced to resign earlier this month, the company’s stock fell by about half, and it’s currently under a federal investigation, as CNBC reported.

Lending Club isn’t the only company of its type to be in trouble. OnDeck, another loan provider, also saw its shares plunge in recent days, as reported by Fortune.

“It’s certainly not a decision that was taken lightly, but we think it’s the most prudent course of action for everyone involved,” a spokesperson told CNBC in a statement. “It gives these individuals time to secure another position for the summer while we continue to evaluate our broader staffing needs.”

But at least one person who was to intern this summer is unhappy thanks to the decision to cut the program. The individual took to Reddit on Monday to express outrage. “Just received a call from LendingClub stating that they are canceling their summer internship program,” the person wrote. “I have already made living arrangements for this summer in SF. I know many interns are coming from the east coast and have already made travel plans and living arrangements.”