Loan provider Lending Club (LC) just announced it’s axing its 10-week summer internship program.
The move comes as the company’s been struggling to hold onto investors for its loans. Additionally, Lending Club’s CEO Renaud Laplanche was forced to resign earlier this month, the company’s stock fell by about half, and it’s currently under a federal investigation, as CNBC reported.
Lending Club isn’t the only company of its type to be in trouble. OnDeck, another loan provider, also saw its shares plunge in recent days, as reported by Fortune.
“It’s certainly not a decision that was taken lightly, but we think it’s the most prudent course of action for everyone involved,” a spokesperson told CNBC in a statement. “It gives these individuals time to secure another position for the summer while we continue to evaluate our broader staffing needs.”