Mark Holder
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LendingClub: CFO Departure Will Cause Selloff

The struggling online lender got more bad news with the departure of the long time CFO. The LendingClub (LC) Q2 results were already under huge pressure from the departure of the CEO and all of the issues caused by the revelations from his transactions. 

For Q2, LendingClub loss $0.09 on revenues of $102.4 million. The numbers were messy with expectations difficult to manage considering the additional expenses to clean up the mess created by the ex-CEO. 

Guidance is for similar results during Q3 showing that the online lending platform expects stability. With signs emerging that institutional demand is picking up including the 3x subscribed offering by Jefferies, any dip caused by the CFO departure is likely a buying opportunity. The online lending marketplace should start generating momentum now. 

Disclosure: No position