LendingClub Turmoil Takes Toll as Company Posts Widening Losses

LendingClub Corp on Monday reported its largest quarterly loss in a year as it struggles to bring banks back to its online lending platform following the departure of its chief executive and a scandal involving altered loan documents. LendingClub, which matches borrowers and lenders via an online marketplace, reported a second-quarter loss of $81.4 million, or 21 cents per share, compared to a loss of $4.1 million, or 1 cent per share, a year ago. The company also continued its executive shakeup, with the resignation of Chief Financial Officer Carrie Dolan. Her departure is the first high-profile exit since the departure of Renaud Laplanche, the company’s founder, as chief executive on May 9.

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