Online lending platform LendingClub Corp. on Thursday said it would reduce its workforce by around 14%, or 172 employees, as it navigates the economic impact of interest rates that could stay higher for longer.
However, he said he expected the company’s marketplace revenue to rebound as people try to refinance their credit-card debt. The Federal Reserve has raised interest rates an an effort to tamp down inflation by pressuring businesses and consumers out of borrowing money, investing, hiring staff and buying things. While some economists have speculated that the Fed’s rate-hiking days are largely behind it, many consumers are still struggling with higher prices, and worries persist about the impact on demand.
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