This small company used to be considered as "FinTech". Now it is actually a tiny bank now with the merge of Radius Bank. It does not have any high tech at all in reality. Company claims that it uses AI/ML technique in their loan approval process and actually it is completely a false statement just to attract investors. The company has the following issues: 1. Middle management is really bad When this company just started, it had some good people; later on, the company busted due to the collapse of P2P business and majority of those good employees left. Those who couldn't find better jobs elsewhere stayed and became managers after several years. A lot of them have very low technical skills and management skills. The only reason they are in the management level is purely due to the fact they stay in this small company long enough. 2. Employee's working title is inflated From qualification's perspective, VP/Senior Director/Director in LendingClub is equivalent to Senior Analyst/Junior Analyst/Entry Analyst in Big Four Banks, respectively. A lot of so-called VPs cannot even find an individual contributor role in Big Four banks with their low qualification. However, they like to be bossy in front of people and a lot of time they are laughed by the employees in the back for their stupidity. 3. Toxic and unethical working environment A lot of managers have no ethics at all and they do not care about company's interest but only their personal interest. They will hire their friends with low qualification. For example, one SVP hired his friend who is in retirement mode and constantly makes huge mistake costing the company losing a lot of money. And this SVP will collaborate with other managers to hide a lot of his mistakes by not facing the root cause but blaming other people. 4. HR is just a joke HR is just for showing purpose and it cannot take any true feedback from employees. HR is also very busy because of the high attribution of employees. Even HR knows that some managers are very bad but it do not take any action to correct the bad manager's issues. They will try to protect managers over the employees as much as possible, which led to more and more good employees leaving. Even HR itself has a high turnover rate. 5. Leadership team does not tell employees the truth The leadership team hid the true financial health of the company to its employees and kept telling employees everything was doing great. Actually it kept cutting employee's bonus, laying off good people while in the same time the leadership team collected fat bonus check by themselves. The employee morale is very low and good people are looking for opportunity to exit as soon as possible. All in all, with the interest rate keeps hiking, LendingClub is going nowhere in the near future.Stay away from this company.
