San Francisco’s LendingClub to cut 225 jobs
Jan. 12, 2023
Updated: Jan. 16, 2023 7:02 p.m.
The Lending Club logo can be seen at the headquarters in downtown San Francisco.
picture alliance, Contributor / picture alliance via Getty Images
225 employees or 14% of its workforce, the
company said Thursday.
The San Francisco financial services company cited rising interest rates for the restructuring and expects $5.7 million in charges. Payroll and benefits expenses will drop by $25 million to $30 million per year after the job cuts.
Roland Li covers commercial real estate for the business desk, focusing on the Bay Area office and retail sectors.
He was previously a reporter at San Francisco Business Times, where he won one award from the California News Publishers Association and three from the National Association of Real Estate Editors.
He is the author of "Good Luck Have Fun: The Rise of eSports," a 2016 book on the history of the competitive video game industry. Before moving to the Bay Area in 2015, he studied and worked in New York. He freelanced for the Wall Street Journal, the New York Times and other local publications. His hobbies include swimming and urban photography.