Lending Club Surges on News of Citi Partnership

Shares of Lending Club jump nearly 8% in premarket trading on news of a new partnership with Citigroup.
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Real Money's fill or kill team will be keeping a close eye on whether Citi (C) - Get Report  can help bail Lending Club (LC) - Get Report shareholders out of a dismal 2016, in which shares have tanked by about 60%, prior to Friday's opening bell. Lending Club's most recent struggles have been prompted by a loss of investor confidence, especially with the departure of once-reliable partners Goldman Sachs (GS) - Get Report and Jefferies earlier this month. There is also news that Renaud Laplanche is stepping down as CEO, following reports of a dubious loan buyback, in which Lending Club admitted to certain lending improprieties such as the adjustment on some dates in the loan agreements.

This article was written by a staff member of TheStreet.