Laid off from LendingClub.

What LendingClub layoffs have meant for employees

If you're looking up LendingClub, the company files under a different name now. If paperwork you hold names a LendingClub entity, such as LendingClub Corporation or LendingClub Bank, it's worth comparing that legal employer name against the names in the name-change filing before you reuse either one. The company's June 2026 announcement said the bank is "operated by the same company and people," so the employer behind a LendingClub job and the one now called Happen are the same business.

The cutting record runs longer than the two 2023 rounds that American Banker counted. When the board approved the 2016 plan, the company gave its purpose as reducing costs, streamlining operations and aligning staffing more closely with anticipated loan volumes, which tied that cut to a forecast of lending. Most of the $2.7 million it paid in severance that year came as cash, and the largest share, about $1.2 million, was recorded under the origination and servicing expense line. The April 2020 round paired severance with relief money, and Banking Dive reported that about $1 million of the charges the company expected was set aside for employees affected by the pandemic. The chief executive and the other executive officers were to take temporary pay cuts at the same time, and the board's cash retainers were reduced for 2020.

One event in our tracker wasn't billed as a layoff at all. When LendingClub moved its San Francisco customer support to Utah in 2019, its chief executive wrote, in a memo Bloomberg reported on, that virtually all operations positions, including those supporting auto, would eventually no longer exist in San Francisco, with the teams to be out by December, and that the company had "plenty of headroom to grow affordably in Lehi and access a new talent base in Utah." Notices to affected staff were expected around July 1, 2019. Those notices were to carry separation dates. If your separation traces to that stretch, the announcement behind it described a move rather than a cut, which is worth having straight before you explain the year to anyone else. That same year the company also outsourced more than 450 operations support jobs, a figure Banking Dive reported the following April.

The one individual severance figure on record belongs to the chief administrative officer whose position went in the October 2023 round, $417,143 reported by American Banker, due under a personal agreement that settles nothing for anyone else. That figure was set in advance, in an employment agreement the company's April 2023 proxy statement described months before the role was cut. The company's 8-K said that severance was payable only if he signed a release of claims, and that he was expected to stay on as a non-executive employee through December 5, 2023. If an agreement you're offered carries that condition, what you sign away is part of the deal, and our severance negotiation piece covers what to weigh before any deadline in it runs.

LendingClub's annual report for 2023 warned that the reductions could hurt morale and the company's culture, push attrition up and make future recruiting harder, which is the company's own account of the risk the cuts left with the people who stayed. In 2025 the company put a $9.7 million rise in compensation and benefits down primarily to an increase in headcount. That's a statement about last year rather than a promise about this one.

A sourced history of LendingClub layoffs

• October 2023, LendingClub cost reduction plan

  LendingClub cut about 14% of its workforce, 172 employees, booking most severance charges in the third quarter, its October 12 release said, and its 2023 annual report says the company offered those affected severance, outplacement assistance and extended benefits coverage.

• January 2023, plan to streamline operations

  LendingClub was reducing its workforce by 14%, or 225 employees, under a reorganization its January 12 release said would bring about $5.7 million in pre-tax charges, $4.4 million of it already expensed in the fourth quarter of 2022.

• April 2020, layoffs reaching president Steve Allocca

  LendingClub planned to lay off about 460 employees, about 30% of its workforce, Banking Dive reported, with $10 million in expected pretax charges, mostly for severance and benefit costs, and said its president was entitled to severance.

• May 2019, San Francisco customer support moves to Utah

  LendingClub planned to wind down customer support in San Francisco and shift about 350 jobs to Lehi, Utah, Bloomberg reported, with no job eliminations as part of the announcement and a 41% smaller San Francisco footprint expected by year-end.

• June 2016, board-approved reduction plan

  LendingClub's board approved a plan on June 22, 2016 to cut up to 179 positions, about 12% of the workforce, and the company's 2018 annual report says the plan included severance benefits for certain employees whose positions were affected.

What to do if you're 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.