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Report: Goldman, Jefferies cease purchases of LendingClub loans


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Report: Goldman, Jefferies cease purchases of LendingClub loans

Goldman Sachs GroupInc. and Jefferies LLChave stopped buying loans from LendingClubCorp., The Wall Street Journalreported May 10, citing "people familiar with the matter."

The banks are looking into circumstances surrounding the of Renaud Laplanche fromhis position as chairman and CEO after LendingClub's internal review into the saleof $22 million of loans to one investor, the Journal said.

That investor was reportedto be Jefferies, who rejected the loans' purchase criteria regarding disclosures.LendingClub bought backthe loans.

Jefferies planned to securitize about $150 million in LendingClubloans into bonds in May, the newspaper reported. Goldman Sachs had similar plansto raise capital for the digital lender but had not finalized them, the Journal said.