• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
FinanceLending Club

This Huge Bank Is Coming to Lending Club’s Rescue

By
Chris Matthews
Chris Matthews
Down Arrow Button Icon
By
Chris Matthews
Chris Matthews
Down Arrow Button Icon
May 27, 2016, 8:16 AM ET
US-ECONOMY-LENDING CLUB
DON EMMERT—AFP

This post was updated at 9:33 a.m. to include comments from Citi.

This post was updated at 5:37 p.m. to include comments from Lending Club.

According to a report in the Wall Street Journal that cites “people familiar with the discussions,” Lending Club is in talks with Citigroup (C) about the bank buying some of the peer-to-peer lender’s loans or otherwise providing additional financing.

“The talks show one way that Lending Club (LC) is seeking to reassure its existing investors while finding new commitments from them to buy loans following the forced resignation of its chief executive, Renaud Laplanche,” according to the report.

Any agreement would represent the continuation of relationship between Citigroup and Lending Club, as the two companies announced a partnership last year to fund loans that would provide affordable credit to underserved communities.

In a statement to Fortune, a spokesperson for Lending Club said, “Lending Club’s marketplace model includes a diverse investor base that spans individuals, banks, and institutions. We’ve partnered with banks for years, and banks will continue to be an important part of our marketplace.”

Laplanche left the company he founded earlier this month, after the board discovered that the CEO had not disclosed his interest in a fund that was investing in Lending Club loans, and after complaints emerged that Lending Club had sold loans to investors that did not meet their specifications. The resignation caused shares in the online lender to fall roughly 40%, before recovering some of that this week after it emerged that the Shanda Group, headed by the Chinese billionaire Chen Tianqiao, took an 11.7% stake in the company.

In addition to that stake, Lending Club has hired investment bank Jefferies to help the company sell loans directly to alternative asset managers like Apollo Global Management and Fortress Investment Group.

A representative for Lending Club declined to comment. A spokesperson for Citi said “We are productively engaged with Lending Club on a number of fronts.”

About the Author
By Chris Matthews
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

reeves
Personal FinanceInflation
British government’s answer to cost-of-living crisis: discounts on theme park tickets, chocolate bars
By Jill Lawless and The Associated PressMay 21, 2026
19 minutes ago
trump
AIWhite House
Trump says he’s calling off widely anticipated order to rein in AI
By Collin Binkley, Matt O'Brien and The Associated PressMay 21, 2026
54 minutes ago
ro khanna
AITech
Ro Khanna blames ‘clueless’ boomers for Gen Z booing AI: They handed over a ‘broken economy’
By Jake AngeloMay 21, 2026
57 minutes ago
Young worker looking tired in front of a screen
EconomyYoung workers
A Nobel economist figured out 60 years ago that people learn best on the job. The Atlanta Fed says AI is making that almost impossible
By Tristan BoveMay 21, 2026
2 hours ago
The Midwest is leading America’s spring housing rebound because of ‘buyers who are actually showing up,’ Realtor.com says
Real EstateHousing
The Midwest is leading America’s spring housing rebound because of ‘buyers who are actually showing up,’ Realtor.com says
By Sydney LakeMay 21, 2026
2 hours ago
Intuit CFO on why the company is simplifying its structure
NewslettersCFO Daily
Intuit CFO on why the company is simplifying its structure
By Sheryl EstradaMay 21, 2026
3 hours ago

Most Popular

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
2 days ago
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
Success
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
By Preston ForeMay 20, 2026
1 day ago
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Future of Work
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
By Mike Householder and The Associated PressMay 17, 2026
4 days ago
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
Workplace Culture
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
By Sydney LakeMay 20, 2026
23 hours ago
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
Workplace Culture
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
By Preston ForeMay 19, 2026
2 days ago
A 'proudly autistic' workplace expert says putting neurodivergent employees in a typical office is like dropping a polar bear in Austin, Texas
Conferences
A 'proudly autistic' workplace expert says putting neurodivergent employees in a typical office is like dropping a polar bear in Austin, Texas
By Tristan BoveMay 20, 2026
23 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.