Lending Club Boosts Board

Lending Club has announced that veteran banker Simon Williams, former head of Citigroup’s Global Consumer Group risk management, will rejoin its board.

Williams was originally on the Lending Club board in 2010 but stepped down in 2011 when he became head of HSBC’s retail wealth management business globally. He will be retiring from HSBC later this month. Other eminent members of Lending Club’s board include John Mack, former CEO of Morgan Stanley and Larry Summers, the former Treasury secretary.

Simon Williams, commented:

"After another stint in the banking world I'm thrilled to be back at Lending Club. I believe Lending Club has an opportunity to transform the traditional banking industry to make it more transparent, cost efficient and customer friendly, and profoundly impact the financial lives of millions."

Renaud Laplanche, CEO of Lending Club, added:

"We couldn't be happier to bring Simon back to the Lending Club board. In 2010, Simon played a valuable role in helping us develop and enhance our credit risk management framework. The knowledge and perspective he brings from his recent experience will make him an even stronger board member as we continue to evolve."

Lending Club announced on Monday that it is seeking to raise nearly $700 million through the sale of 57.7 million shares. All eyes are on Lending Club’s IPO to see what value investors place on the peer-to-peer sector.