: LendingClub to cut staff by around 14%

LendingClub Corp. LC on Thursday said it would reduce its workforce by around 14%, or 172 employees, as it navigates what it said were “macroeconomic headwinds and the resulting pressure in our marketplace, primarily driven by higher interest rates.” The online lending and financial services platform also said it expects $198 million to $200 million in third-quarter sales, compared with FactSet forecasts for $199.4 million. Shares were up 3.4% after hours.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.