LendingClub's Stock Extends Plunge On Heavy Volume
LendingClub Corp.'s stock tumbled 11% Tuesday, to extend the 35% bashing it suffered on Monday, to close at another record low. Nearly 92 million shares changed hands Tuesday, down from volume of 96 million on Monday, but still about 10 times the average daily volume over the past 30 days, according to FactSet. The Wall Street Journal reported Tuesday, citing people familiar with the matter, that Goldman Sachs Group Inc. and Jefferies LLC have stopped buying LendingClub loans while they review the events that lead to the ousting of the online lender's CEO. The loan buying halt by the Wall Street banks that handle the company's bond sales is delaying LendingClub's plans to package hundreds of millions of dollars worth of consumer loans into securities it can sell to investors.
Copyright © 2016 MarketWatch, Inc.