LendingClub's problems result from pursuing volume over making high-quality loans.
In a highly eventful quarter (though not unexpectedly), LendingClub posted a per share loss of $0.21 versus $0.01 in the first quarter. Moreover, loan originations fell 29% quarter over quarter to $1.96 billion. However, the most critical movement in the quarter was the rise in operating expenses, which increased 28% from the first quarter to $188.7 million. Finally, the company announced the departure of their CFO, Carrie Dolan. Since the second quarter’s results were mostly in line with our ex...LendingClub is an online marketplace connecting borrowers and investors. The company's subsidiary, LendingClub Asset Management LLC (LCAM), is a registered investment advisor that acts as the general partner for certain private funds and an advisor to separately managed accounts and funds. The company's subsidiary, Springstone Financial LLC, facilitates the origination of education and patient finance loans by third-party issuing banks. LC Trust I (the Trust), an independent business trust, acquires loans from the company and holds them for the sole benefit of certain investors that have purchased trust certificates issued by the Trust that are related to specific underlying loans for the benefit of the investor.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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