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Lending Club plans layoffs, discloses loans to former CEO and family members

Lending Club plans layoffs, discloses loans to former CEO and family members

Lending Club plans to lay off 179 workers, or about 12% of its workforce, its latest response to a still-unfolding crisis that has cooled investors’ interest in the firm’s loans and pushed the company to dismiss its founding chief executive.

The San Francisco online lender reported the layoffs in a securities filing early Tuesday. The company also said an internal review had uncovered problems with some investor disclosures and had found a series of questionable loans made to former CEO Renaud Laplanche and his family members.

The company said the layoffs were part of a plan to “reduce costs, streamline operations and more closely align...

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