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LendingClub to cut staff by around 14% as higher interest rates take a bite

Online lending platform LendingClub Corp. on Thursday said it would reduce its workforce by around 14%, or 172 employees, as it navigates the economic impact of interest rates that could stay higher for longer.

The company, whose marketplace connects borrowers and lenders, also forecast a third-quarter sales range whose midpoint was slightly below Wall Street estimates. LendingClub LC also announced layoffs earlier this year.

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