Nonbanks Make Banksy Moves

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It’s starting to feel a little more bank-like in the industry.

Lending Club’s new CFO Thomas Casey, who officially starts September 19th, was the CFO of Washington Mutual Bank from 2002-2008. He’ll be taking over for Carrie Dolan who resigned immediately prior to the company’s Q2 earnings call.

Similarly, Eric Daniels, the former CEO of Lloyds Banking Group, joined Funding Circle’s board last week. He will find good company with fellow board member Bob Steel, who is the former CEO of Wachovia and former vice-chairman of Goldman Sachs.

Both companies are considered leaders in the nonbank lending industry but wear and tear is making these “marketplaces” more like the banks they originally set out to disrupt.

Last modified: September 13, 2016

Category: Marketplace Lending

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