LendingClub Corp (NYSE:LC) announced that Sandeep Bhandari, Assistant Chief Credit Officer at Capital One Bank (Credit Risk Management) and Venture Partner (Capital One Ventures), will join Lending Club as Chief Credit Officer on August 24.
Bhandari will assume responsibility for credit risk management across all products, replacing in that capacity Lending Club Chief Risk Officer Chaomei Chen, who will be retiring at the end of this year.
“We’re grateful to Chaomei for the formative role she has played over the last four years in establishing the foundation for, and building, an outstanding credit and risk management organization, and wish her the best as she begins a new chapter of her life,” said Lending Club CEO Renaud Laplanche. “We’re also thrilled to welcome Sandeep as a key member of the executive team. In 15 years at Capital One Sandeep demonstrated his strategic abilities to launch new products, acquire quality customers, and develop growth strategies that led to accelerated growth of originations, while prudently managing credit risk and accurately forecasting credit performance. We’re glad that they’ll be able to work side by side for a time to ensure a smooth transition.”
“It’s been an honor and a pleasure to have been part of the team over the last four years and I am very proud of what we have accomplished,” said Lending Club Chief Risk Officer Chaomei Chen. “I wish continued success for Sandeep and the team.”
Bhandari said, “Lending Club truly has the potential to transform the traditional banking system. I’m thrilled to join the team and look forward to helping the company continue to execute on its mission to make credit more affordable and investing more rewarding by growing its business on multiple fronts.”
Bhandari held a variety of roles at Capital One encompassing strategy development, credit risk management, marketing, product development, and underwriting expertise across consumer and small business credit cards, auto loans, mortgages and home equity loans.
Bhandari holds a B.Tech in Mechanical Engineering from the Indian Institute of Technology in Delhi and an MBA from the Indian Institute of Management in Ahmedabad. (Original Source)
Shares of Lendingclub Corp. closed yesterday at $13.83. LC has a 1-year high of $29.29 and a 1-year low of $13.18. The stock’s 50-day moving average is $15.05 and its 200-day moving average is $18.22.
On the ratings front, Lendingclub has been the subject of a number of recent research reports. In a report issued on August 1, Canaccord Genuity analyst Michael Graham initiated coverage with a Buy rating on LC and a price target of $24, which represents a potential upside of 73.5% from where the stock is currently trading. Separately, on July 29, BTIG’s Mark Palmer maintained a Buy rating on the stock and has a price target of $31.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Graham and Mark Palmer have a total average return of 13.2% and -2.9% respectively. Graham has a success rate of 53.0% and is ranked #259 out of 3724 analysts, while Palmer has a success rate of 46.1% and is ranked #3391.
LendingClub Corp is an online marketplace connecting borrowers and investors to engage intransactions relating to standard or custom program loans.