Shares in Lending Club dropped to a record low this week as it cut guidance for profits, overshadowing the company’s first investor day since a splashy market debut three years ago.
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Lending Club shares plumb new depths
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Some of the giant incumbents have moved on to the challengers’ turf. Goldman Sachs, for example — a co-underwriter of Lending Club’s IPO in December 2014 — has won plaudits for the launch of Marcus, an online consumer-lending venture which has raced to about $2bn of originations since its launch just over a year ago. It has the advantage of much cheaper, stickier funding, and the ability to offer customers individually-tailored loan terms.
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