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LendingClub Jumps 11%, Company Said To Be In Talks With Citigroup

LendingClub Jumps 11%, Company Said To Be In Talks With Citigroup

Shares of LendingClub Corp (NYSE: LC) were trading higher by more than 11 percent Friday morning after the Wall Street Journal reported that the company is in talks with Citigroup Inc (NYSE: C).

The Wall Street Journal, citing "people familiar with the discussions," noted that the talks involve the possibility of Citigroup buying or providing financing for future loans. A potential partnership or collaboration could reassure LendingClub's investors following the abrupt resignation of its CEO Renaud Laplanche.

Related Link: LendingClub CEO Is Out, Shares Tumble 25%

The two companies already have a separate agreement established in 2015 in which the bank would buy loans from LendingClub to help it meet community lending requirements.

A spokeswoman for Citigroup did not confirm the Wall Street Journal's details of the conversations.

However, the spokeswoman did state, "We are productively engaged with LendingClub on a number of fronts."

Posted-In: Online Lendi The Wall Street JournalNews Rumors Movers Trading Ideas Best of Benzinga


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