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Online lenders from OnDeck to Lending Club are forming partnerships with traditional financial institutions, prompting some observers to wonder if they might one day be willing to become banks themselves.
November 24 -
The billionaire investor George Soros is in talks to throw his support behind the peer-to-peer finance industry, which is increasingly leaning on traditional capital sources to lower its costs of funding.
November 25 -
The company spent several years cutting costs and exiting troublesome business to stay afloat. This year, however, management has been focused on upgrading branches and offering a small, unsecured loans to lure younger borrowers.
December 2
Veteran banker Simon Williams has rejoined the board of Lending Club on the eve of its high-profile initial public offering.
Williams was on the board of Lending Club, which is based in San Francisco, in 2010 and 2011 before leaving to lead HSBC's global retail wealth management division. Williams recently retired from HSBC. He has worked in financial services for more than two decades, including several years at Citigroup, where he held multiple positions before becoming head of global consumer risk management.
"In 2010, [Williams] played a valuable role in helping us develop and enhance our credit risk management framework," Lending Club's chief executive, Renaud Laplanche, said in a press release. "The knowledge and perspective he brings from his recent experience will make him an even stronger board member as we continue to evolve."
Lending Club in late August declared its intent to go public and
