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

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
Dr. Weber on CheckMate-238 for Melanoma
He also says that more studies are needed to examine why some patients relapse following treatment and others do not. Please see the abstract for a list of all researchers' relevant financial disclosures .

12 September 2017
The number of victims in the natural disaster in Mexico has risen
He said preliminary reports showed that at least 12,000 homes were damaged, and warned the number was likely to rise. The powerful quake struck off Mexico's southern coast late Thursday night.

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
Public sector pay cap must be lifted, former Treasury official says
The increase is likely to be announced on Wednesday to coincide with a Labour debate on a large rise for nurses. Labour has refused to rule out supporting a coordinated strike over the issue of the 1% public sector pay cap.

12 September 2017
House prices slow in London
The highest rate of growth in the country was in the Cotswolds, where house prices have soared 16.2pc in the 12 months to July. Among the English regions, prices went up fastest in the east Midlands at 7.5%, followed by the east of England at 7.1%.

12 September 2017
Clovis Oncology, Inc. (NASDAQ:CLVS) Trading Volume Significantly Higher
Following the transaction, the insider now directly owns 197,583 shares in the company, valued at approximately $18,090,699.48. Shell Asset Management Co. purchased a new stake in shares of Clovis Oncology during the 1st quarter valued at about $489,000.

12 September 2017
Liverpool, Real Madrid watching RB Leipzig striker Timo Werner
It's claimed they see Werner as a potential successor to Karim Benzema, whose time at the Bernabeu could be coming to an end . Spanish media outlet La Sexta has suggested that Real Madrid are keeping close tabs on RB Leipzig striker Timo Werner .

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
Oppo A71 smartphone launched in India at Rs 12990
The Oppo F3 comes with a 5.5-inch full HD (1080x1920 pixel resolution) In-Cell display and 2.0mm thin screen bezels. On the camera front, the A71 is mounted with 13MP rear camera with f/2.2 aperture, PDAF and LED Flash.



Recommended