About time, but most probably not good for retail lenders, as they may be phased out, with cheap access to deposit capital.
Here's another cute quote from the story...
At the open at least the equity market isn't impressed. LC is down $1.20 per share (-9.12%) to $11.96 per share.
They did announce quarterly earnings last evening which is a major factor of course.
Where it will close is anyone's guess. BTW the Dow is up 82.
Quite a day for LC stock. Rallied from a low of $11.66 around 10 am into the close and finished at $12.98 a share; a loss of only 1.37%.
The volume was 3x an average day.
If I'm not mistaken they reported their first quarterly profit ever. What's not to like
You can't make this stuff up; largest loan asset segment "Yachts". I didn't Photoshop it; really.
Wow, must be Boston
I saw that. At least they're probably secured loans.
There's an error on that slide. See where it says "(in millions)"? Those aren't millions. Must actually be thousands.
$1,077,335 (millions) would be 1 Trillion dollars worth of yachts, which would be one hellofa lotta yachts.
Fred, I think they meant institutional debt providers, not purchasers of loans
Without a portfolio of loans, LendingClub will have extreme volatility of earnings. Balance sheet interest income will mitigate that issue a bit