Economy

SoFi CEO Forced Out Over Sexual Harassment Allegations

SoFi CEO Forced Out Over Sexual Harassment Allegations”

Following allegations of sexual misconduct and fraudulent actions by managers, Cagney announced in a memo to employees at the country's biggest online lender that he would be stepping down.

Without a deposit base, the company has relied on investors to fund its lending business. Cagney will relinquish his role as executive chairman immediately. The company has lent over $20 billion to more than 350,000 borrowers in the past six years. Some of the executives including the firm's former Finance Chief said the main reason to step him down is that the improper behaviour towards the women.

However, the Cagney appreciated the company's growth and performance. He added that the concentration of the officials shifted more towards the litigations especially on me personally. Although he said that he "could not be prouder of the company we've built together", he noted that "the combination of HR-related litigation and negative press have become a distraction from the company's core mission".

SoFi's investors, who have put almost $2 billion into the company, include SoftBank and Peter Thiel. Ultimately, the firm is going to do the challenge with the traditional lenders.

Cagney stated that the funding of the company in loans is about $3.1 billion.

Previous year the company funded $3.1 billion in loans, earning an adjusted profit of $61.6 million on $134 million in revenue. Among the issues it lobbied for was limiting the legal liability of such companies as well as "data security and breach notification" and "cybersecurity threat information sharing".



Like this

loading...
loading...

Latest


12 September 2017
Keenan wants 'presumption of imprisonment' for paedophiles
The new laws would carry a presumption of cumulative sentencing for multiple offences and improve court processes that were now traumatic for child victims, the reports said.

12 September 2017
Harry Styles Drops by BBC Radio 1 for a Live Lounge Performance
Their Live Lounge has been rescheduled for Wednesday (September 13). "I'm a massive fan of them as a band and the music". Harry Styles doing a live cover of " The Chain " by Fleetwood Mac is probably the coolest thing you will hear all week.

12 September 2017
Fourteen perish in van-truck collision near Rawalpindi
Local Urdu TV channel Express said that some of the bodies have been burnt beyond recognition and will be identified by DNA test. The accident happened when the over-speeding van crashed into the truck while trying to over take it.

12 September 2017
Spirit Aerosystems Holdings Inc
ValuEngine upgraded Spirit Aerosystems Holdings from a "buy" rating to a "strong-buy" rating in a report on Friday, September 1st. The institutional investors in our partner's database reported: 118.39 million shares, down from 121.32 million shares in 2016Q3.

12 September 2017
Stockman Asset Management Takes Position in Duke Energy Corporation (DUK)
The utilities provider reported $1.01 earnings per share (EPS) for the quarter, meeting the Zacks' consensus estimate of $1.01. Lombard Odier Asset Mgmt (Europe) Limited holds 9,471 shares or 0.27% of its portfolio. 4,295 are held by Tru Of Vermont.

12 September 2017
Ronda Rousey In Plans For Survivor Series 2017, WrestleMania 34
If all goes as planned, Rousey and her teammates would be involved in 2017 Survivor Series and WrestleMania 34. Even though Nikki Bella might say she wants to fight Ronda Rousey , it doesn't look like those are WWE's plans.

12 September 2017
Progress Software Corporation (PRGS) Lifted to Buy at BidaskClub
Investors will be trying to gauge which way stock market momentum will shift as we head into the close of the calendar year. A number of other hedge funds and other institutional investors have also made changes to their positions in the business.

12 September 2017
North Korean Hackers are Stealing Bitcoin to Fund Kim Jong Un's Regime
"They're pretty capable actors in comparison to other North Korean activity we see", said McNamara. The North Korean government has repeatedly denied involvement in worldwide cyberattacks.

12 September 2017
Destiny 2: September 12 Weekly Reset Guide
Each Tuesday's reset therefore serves as the deadline to finish the Nightfall, Meditations, and the Raid (once that's available). The Nightfall this week appears to be a bit easier this time around, simply due to the familiarity of the Strike itself.

12 September 2017
Kailash Satyarthi launches Bharat Yatra - Make India Safe Again for Children campaign
It's a historic and determined attempt to make India safe for our children as 40 children are raped everyday in the country. Are you with me?" he asked the thousands gathered at the venue.