Bloomberg’s Cory Johnson Reads Between the Lines On Lending Club
Fifteen out of Lending Club’s top twenty investors have returned to the platform since the May scandal albeit at lower levels, said Lending Club’s CEO Scott Sanborn. Bloomberg News’ Cory Johnson said that the other way to read this is that a quarter of their investors have refused to come back.
Meanwhile, company CFO Carrie Dolan was still on the earnings call despite having announced her resignation moments before. Referencing the use of investor “incentives” to get investors to come back, Dolan explained that the company still anticipated higher investor acquisition costs going forward. Johnson said that this could mean for a long time, putting even more pressure on a company that has slim margins to begin with.
Watch the short clip with Johnson below:
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