Laid off from LendingClub.
LendingClub cut 460 people in April 2020, then 225 in January 2023, then 172 that October, three rounds that each removed double-digit percentages of the company as rates moved against it. Nothing since has appeared in the reporting we track, and in June 2026 the company became Happen Bank.
At a glance
What's known about LendingClub severance and layoffs
- Happen, Inc., and Happen Bank · Company name since June 2026
- 172 roles, 14% · October 2023 reduction
- 225 roles, 14% · January 2023 reduction
- 460 roles, about 30% · April 2020 reduction
- Up to 179 positions, about 12% · June 2016 reduction
- $2.7 million, predominantly cash · Severance paid for the 2016 round
- No terms on record · Per-employee severance terms
- 13 all-time, none since 2025 · Filings in our tracker
Recent LendingClub layoffs
LendingClub became Happen Bank in June 2026
On June 22, 2026, LendingClub Corporation became Happen, Inc., and LendingClub Bank, National Association became Happen Bank, National Association. The layoff record stops well short of that. The last round the company announced was 172 employees, about 14% of staff, in October 2023, and no later round shows up in the reporting we track. Headcount went the other way afterward, 1,075 employees at the end of 2025, 50 more than at the end of 2023.
Previous rounds
LendingClub layoff history
If you're looking up LendingClub, the company files under a different name now. On June 22, 2026 LendingClub Corporation became Happen, Inc., and LendingClub Bank, National Association became Happen Bank, National Association. Your paperwork still says LendingClub, which is what the record holds for anything signed before that date. The filings since carry Happen instead, so it's worth comparing the legal employer name in your own documents against the names in that filing before you reuse either one.
The cutting record runs longer than the two 2023 rounds most of the coverage remembers. The board approved a plan in June 2016 authorizing up to 179 positions, about 12% of the workforce, and the company recorded and paid $2.7 million in severance costs that year. April 2020 took about 460 employees, roughly 30%, along with president Steve Allocca and about $10 million in expected pretax charges covering severance and benefits. Then 225 people went in January 2023 and another 172 that October, 14% each time.
One event in our tracker isn't a layoff at all. In May 2019 the company said it would wind down customer support in San Francisco and move about 350 jobs to Lehi, Utah, announcing no eliminations, alongside a plan to shed 41% of its San Francisco footprint by the end of that year. Notices to affected staff were expected around July 1, 2019. If your separation traces to that stretch, the filing behind it describes a move rather than a cut, which is worth having straight before you explain the year to anyone else.
On severance, nothing on record sets a package term for any round. The closest the company came was its annual report for 2023, which says it offered severance, extended benefits coverage and outplacement assistance to the 172 people cut that October, with no amount and no formula attached. The one individual figure on record belongs to the chief administrative officer whose position went in that same round, $417,143 reported by American Banker, paid under a personal agreement that settles nothing about anyone else's. The company said that severance was payable only if he signed a release of claims. If your own agreement carries that condition, what you sign away is the part to read closely, and our severance negotiation piece covers what to weigh before any deadline in it runs.
Nothing in the reporting we track shows a round since October 2023. Our tracker holds 13 filings for the company all-time, every one of them dated before 2025, and 2026 has added none. The company reported 1,075 employees at the end of 2025 against 1,025 at the end of 2023, and put a $9.7 million rise in compensation and benefits down primarily to an increase in headcount. That report records no restructuring plan and no workforce reduction, which is a statement about last year rather than a promise about this one.
Reporting on previous LendingClub layoff rounds
October 2023 · 172 employees, about 14% of staff, announced as a cost reduction plan the company tied to higher interest rates
Terms not published. The company's annual report said it offered severance, extended benefits coverage and outplacement assistance to the people affected, and that most of the severance charges were booked in that year's third quarter.
January 2023 · 225 employees, 14% of the workforce, in a plan the company tied to reduced marketplace revenue after the Federal Reserve's rate increases
Terms not published. The company expected $5.7 million in non-recurring pre-tax charges, $4.4 million of it already expensed in the fourth quarter of 2022.
April 2020 · About 460 employees, roughly 30% of staff, including president Steve Allocca
Terms not published. The company expected about $10 million in pretax charges, roughly $1 million of it employee relief and the rest severance and benefit costs, and executives took temporary pay cuts alongside the round.
June 2019 · Not a cut. The company moved about 350 jobs from San Francisco to Lehi, Utah, announcing no eliminations, and a filing for that wind-down sits in our tracker
Terms not published. No severance was announced, because no positions were announced as eliminated.
June 2016 · Up to 179 positions, about 12% of the workforce, approved by the board that month
Terms not published. The company recorded and paid $2.7 million in severance costs during 2016, predominantly cash severance.
How LendingClub's layoffs compare to other companies
The company's own explanations for its 2023 rounds pointed at rates. It described the January plan as aligning operations to reduced marketplace revenue after the Federal Reserve's rate increases, and announced the October plan as a cost reduction it tied to higher interest rates. The April 2020 round came as the pandemic cut loan demand.
What to do after being laid off from LendingClub
- File for unemployment in the state where you worked. Benefits run from your filing date, and severance usually doesn't block you. LendingClub's biggest hubs: California, Utah. Somewhere else? Every state is here.
- Apply for financial and hardship assistance. Unemployment supplements income, but food benefits, health coverage and utility help are often available as well. Here's some of what LendingClub's hub states run: California, Utah, and every other state is here.
- Mind the health insurance window. Losing coverage opens a 60-day special enrollment period, and an ACA plan usually beats unsubsidized COBRA. Compare your options before the employer coverage lapses, and read how the COBRA clocks run if you are weighing it seriously.
- Get your real runway number. Severance plus savings divided by reality. The calculator takes five minutes.
- Know which clocks are already running. Severance review windows, COBRA election, visa grace periods, and 401(k) rollovers all run on federal deadlines that started at termination. All five deadlines are here.
LendingClub layoff and severance questions
Did LendingClub have layoffs recently?
The most recent reported round was October 2023, 172 employees or 14% of staff. Nothing since then shows up in the reporting we track, and the tracker has stayed empty for this company since the start of 2025. Year-end headcount actually rose after the cuts, from 1,025 in 2023 to 1,075 in 2025, and the annual report for that year records no restructuring plan.
What severance does LendingClub pay in layoffs?
No terms are on record for any round. For the October 2023 cut the company said it offered severance, extended benefits coverage and outplacement assistance, without naming an amount or a formula. For the 2016 round it recorded and paid $2.7 million in severance costs, an aggregate across everyone affected rather than a package term. If you have an agreement, its numbers are the only real ones.
Why did LendingClub keep cutting in 2023?
Rate mechanics, by the company's own account. It described the January plan as aligning operations to reduced marketplace revenue after the Federal Reserve's rate increases, and announced the October plan as a cost reduction it tied to higher rates. The two rounds took 225 and 172 people, 14% each time.
Is LendingClub still in business?
On June 22, 2026 LendingClub Corporation became Happen, Inc., and LendingClub Bank, National Association became Happen Bank, National Association. The same filing moved the listing from the New York Stock Exchange to Nasdaq and changed the trading symbol from LC to HAPN. Records and agreements dated before that carry the LendingClub names, and the filings after it carry Happen.
What happened to LendingClub's San Francisco office?
The company began winding it down in 2019. In May of that year it said it would move customer support to Lehi, Utah, about 350 jobs, citing San Francisco rents up 140% since 2010, and announced no eliminations with the move. Our tracker holds filings for the company in California and Utah.
Where do I file for unemployment after being laid off from LendingClub?
In the state where you worked, not where the company is headquartered. LendingClub's biggest U.S. hubs are California, Utah. Severance usually doesn't block you from filing, and benefits run from your filing date, so file the same week.
Is it OK to file for unemployment after a layoff at LendingClub?
Yes. Unemployment insurance is funded by payroll taxes employers pay on wages, the claim never appears on credit reports or background checks, and future employers cannot see it. If the hesitation itself is the obstacle, whether filing is OK has its own article.
What happens to my health insurance after a layoff at LendingClub?
Your plan sets the end date rather than the law, so the separation packet is where that date actually lives, and it is often the last day of the month rather than your last day of work. After coverage ends, COBRA lets you keep the identical plan by paying the whole premium yourself, up to 102 percent of what the plan really costs, which lands as several times the payroll deduction you were used to. You get 60 days to elect, counted from the later of coverage ending or the election notice arriving, and electing reaches the coverage back to the day the old plan stopped so no gap exists. How continuation coverage works walks the timing, and whether to take it rather than a marketplace plan is a separate decision.
Should I sign the severance agreement right away?
First pin down how much review time you actually have. If you're 40 or older, federal law gives you 21 days to consider an agreement that waives age claims, 45 in a group layoff, and a waiver signed under a shorter deadline can be invalid. If you're under 40, no federal window applies and the deadline in your packet may be real, so confirm it in writing and ask for more time if you need it. Use whatever window you have to read the release terms, especially non-disparagement and no-lawsuit clauses, and don't stall past a real deadline, because offers can be withdrawn.
Can I collect unemployment if I got severance from LendingClub?
Usually yes, though some states delay benefits until severance pay periods end, and lump sums are treated differently than salary continuation. Check your state's rules on our state benefit pages, and file immediately either way so your claim date is locked in.