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Peer-to-peer online lender Lending Club has added a former Treasury Department official and a senior Google executive to its advisory board.
November 13 -
The peer-to-peer lender, which has both threatened banks' traditional businesses and cultivated Wall Street ties, is now selling its loans to community banks and working with them to offer personal loans as a counter to big banks' dominance in credit cards.
December 11
Wells Fargo (WFC) has forbidden its employees from participating in peer-to-peer lending, according to a Monday report in the Financial Times.
Citing a potential conflict of interest, Wells announced the policy to a group of employees with peer-to-peer lending accounts in a late 2013 email, according to the
"Going forward, please refrain from making any new P2P investments/loans," the message said, according to the Financial Times. "If possible, exit existing investments as soon as practical (without forcing a loss) or when the loans are paid off."
The news suggests that Wells is taking its online lending competition seriously. High-profile startups such as
Wells Fargo did not immediately respond to requests for comment. The bank did not confirm the email message to the FT. A spokeswoman told the paper that Wells Fargo's code of ethics bars staff members from investing in private businesses that compete with the bank.
