1 00:00:02,520 --> 00:00:07,080 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,400 --> 00:00:09,719 Speaker 2: We promised you that we were going to continue on 3 00:00:09,840 --> 00:00:13,000 Speaker 2: the US economy and really the US consumer, the online 4 00:00:13,080 --> 00:00:16,640 Speaker 2: lending marketplace and platform for loans, credit cards, deposit accounts, insurance, 5 00:00:16,640 --> 00:00:18,919 Speaker 2: and where we're talking about Lending Club. They announced one 6 00:00:19,000 --> 00:00:21,400 Speaker 2: hundred million dollars share buyback just about one month ago. 7 00:00:21,920 --> 00:00:25,000 Speaker 2: It was about fifty not fifty, nearly five percent of 8 00:00:25,040 --> 00:00:27,640 Speaker 2: the company's market value on the day of the announcement. Now, 9 00:00:27,680 --> 00:00:30,120 Speaker 2: Atlas have been raising their price targets on the stock 10 00:00:30,160 --> 00:00:33,360 Speaker 2: this year, most recently again raising them since the company 11 00:00:33,360 --> 00:00:36,680 Speaker 2: reported earnings late October. The company posted third quarter results 12 00:00:36,720 --> 00:00:39,559 Speaker 2: that beat estimates. They provided a guidance range for new 13 00:00:39,600 --> 00:00:43,519 Speaker 2: fourth quarter originations with a midpoint above estimates. And the 14 00:00:43,560 --> 00:00:45,160 Speaker 2: stock it's actually up this year. 15 00:00:45,400 --> 00:00:47,600 Speaker 3: Yeah, it is. Shares of the two point one billion 16 00:00:47,640 --> 00:00:49,920 Speaker 3: dollar market cap company about fourteen percent of more than 17 00:00:49,960 --> 00:00:53,000 Speaker 3: twelve percent since reporting those earnings back on October twenty second. 18 00:00:53,240 --> 00:00:56,280 Speaker 3: Delighted to have with us Scott Sanborn, CEO of Lending Club, 19 00:00:56,440 --> 00:00:59,360 Speaker 3: also CEO for close to a decade at Lending Club 20 00:00:59,360 --> 00:01:01,600 Speaker 3: for fifteen years now also with us here in the 21 00:01:01,640 --> 00:01:05,040 Speaker 3: Bloomberg BusinessWeek studio. Herman Chan a Bloomberg Intelligence senior analysts 22 00:01:05,080 --> 00:01:08,520 Speaker 3: for US regional banks. He helped bring all of this together, Scott, 23 00:01:08,560 --> 00:01:10,600 Speaker 3: I want to start with you and just give us 24 00:01:10,600 --> 00:01:13,520 Speaker 3: some size and scope of the business, the consumers that 25 00:01:13,560 --> 00:01:15,960 Speaker 3: you're working with, who's interacting with the platform. 26 00:01:16,360 --> 00:01:19,160 Speaker 1: Yeah, So we serve a customer base we call the 27 00:01:19,200 --> 00:01:22,720 Speaker 1: middle majority. They are if you think about credit, which 28 00:01:22,720 --> 00:01:25,560 Speaker 1: we are a credit centric bank. If you've got a 29 00:01:25,600 --> 00:01:27,279 Speaker 1: lot of money, you don't need a lot of access 30 00:01:27,280 --> 00:01:29,440 Speaker 1: to credit. You pay cash for car, you save up 31 00:01:29,480 --> 00:01:31,960 Speaker 1: to send your kids to college. If you're on the 32 00:01:32,000 --> 00:01:34,880 Speaker 1: other end of the spectrum, you can't really access credits. 33 00:01:35,080 --> 00:01:39,440 Speaker 1: So there's this middle group that are high income, heavy 34 00:01:39,520 --> 00:01:42,080 Speaker 1: users of credit. So they can afford a car, they 35 00:01:42,080 --> 00:01:43,679 Speaker 1: can afford to send their kids to school, but they 36 00:01:43,760 --> 00:01:46,480 Speaker 1: need to use credit to do it. That's who we serve. 37 00:01:46,920 --> 00:01:49,600 Speaker 1: It's a really big customer base. It represents about a 38 00:01:49,640 --> 00:01:52,480 Speaker 1: third of the US population, but it's close to half 39 00:01:52,600 --> 00:01:55,160 Speaker 1: of the credit wallet. So they are more likely than 40 00:01:55,200 --> 00:01:58,040 Speaker 1: average to have every form of credit, and that credit 41 00:01:58,200 --> 00:02:01,040 Speaker 1: is with the exception mortgages, also larger than average. That's 42 00:02:01,080 --> 00:02:01,559 Speaker 1: what we serve. 43 00:02:01,640 --> 00:02:04,560 Speaker 2: How much do these people usually make our average. 44 00:02:04,600 --> 00:02:07,080 Speaker 1: And you know, obviously misleading averages can be misleading. But 45 00:02:07,080 --> 00:02:09,200 Speaker 1: average is about one hundred and twenty five thousand dollars. 46 00:02:09,520 --> 00:02:11,639 Speaker 1: But you can think of it of ranging between call 47 00:02:11,680 --> 00:02:14,720 Speaker 1: it eighty thousand dollars in individual income to about two 48 00:02:14,800 --> 00:02:17,680 Speaker 1: hundred thousand is where we really over index. 49 00:02:18,800 --> 00:02:22,560 Speaker 4: Great. One of the real highlights of your recent investor 50 00:02:22,639 --> 00:02:26,520 Speaker 4: day last we last month was the panel discussion with 51 00:02:27,240 --> 00:02:30,640 Speaker 4: Marketplace investors, and we talked about this earlier before your 52 00:02:30,680 --> 00:02:34,239 Speaker 4: appearance here on radio. One of the panelts talked about 53 00:02:35,080 --> 00:02:38,760 Speaker 4: being aligning performance expectations partnering with better operators. Are you 54 00:02:38,800 --> 00:02:41,600 Speaker 4: seeing that with the private private credit space. 55 00:02:41,840 --> 00:02:42,960 Speaker 3: Yeah, we do. So. 56 00:02:43,200 --> 00:02:46,080 Speaker 1: You know, we were born as a marketplace. Initially, everything 57 00:02:46,080 --> 00:02:49,959 Speaker 1: we originated we sold. When we acquired the bank in 58 00:02:50,040 --> 00:02:52,720 Speaker 1: twenty one, we started to hold a portion of our 59 00:02:52,760 --> 00:02:56,359 Speaker 1: loans on our balance sheet. That both gives us a 60 00:02:56,400 --> 00:03:00,520 Speaker 1: stronger and more resilient earnings profile also allows us to 61 00:03:00,560 --> 00:03:04,519 Speaker 1: do other things innovate using our balance sheet. And what 62 00:03:04,600 --> 00:03:07,560 Speaker 1: we found is just by aligning our interest with our 63 00:03:07,600 --> 00:03:10,440 Speaker 1: loan buyers, we're the largest eater of our own cooking. 64 00:03:10,480 --> 00:03:12,959 Speaker 1: We're the largest holder of lending club loans We care 65 00:03:13,080 --> 00:03:17,120 Speaker 1: very deeply about the performance of the credit and credit 66 00:03:17,240 --> 00:03:21,280 Speaker 1: is always evolving. It's very dynamic. Because we have a 67 00:03:21,320 --> 00:03:23,160 Speaker 1: balance sheet, what we can do is when we want 68 00:03:23,200 --> 00:03:26,120 Speaker 1: to test something new, we test it on our balance sheet. 69 00:03:26,320 --> 00:03:29,440 Speaker 1: Let's try longer duration, let's try a larger loan size, 70 00:03:29,480 --> 00:03:32,240 Speaker 1: let's try a new marketing channel. We hold that first, 71 00:03:32,600 --> 00:03:35,200 Speaker 1: own it, we own it, we make sure it performs 72 00:03:35,200 --> 00:03:37,320 Speaker 1: the way we expect, and then we release that to 73 00:03:37,360 --> 00:03:39,840 Speaker 1: the marketplace. If you don't have a balance sheet, you 74 00:03:39,920 --> 00:03:43,000 Speaker 1: can't really do that. And so that's visible in our 75 00:03:43,040 --> 00:03:48,880 Speaker 1: results across every aspect of underwriting. So lower delinquencies than 76 00:03:48,920 --> 00:03:51,280 Speaker 1: the rest of the industry thirty or forty percent below, 77 00:03:51,360 --> 00:03:56,400 Speaker 1: lower roll rates, higher recovery rates, lower prepayments, lower fraud, 78 00:03:56,600 --> 00:04:00,280 Speaker 1: literally every aspect that you can measure of credit out 79 00:04:00,280 --> 00:04:00,880 Speaker 1: performing on. 80 00:04:01,200 --> 00:04:05,160 Speaker 3: Has that remained consistent this year, in recent months, in 81 00:04:05,200 --> 00:04:07,160 Speaker 3: recent weeks, like you have a great real time view 82 00:04:07,640 --> 00:04:09,800 Speaker 3: of the consumer in the form of how well they 83 00:04:09,800 --> 00:04:13,080 Speaker 3: are doing in terms of paying back their loans. That's right, 84 00:04:13,160 --> 00:04:13,920 Speaker 3: still looking good. 85 00:04:14,080 --> 00:04:17,000 Speaker 1: Yeah, So that's been consistent for you know, we release 86 00:04:17,080 --> 00:04:19,159 Speaker 1: four years of data we put out there, and so 87 00:04:19,200 --> 00:04:22,920 Speaker 1: it's remained consistent but you know it's not it's kind 88 00:04:22,920 --> 00:04:25,120 Speaker 1: of like a duck on a pond. It's remained consistent 89 00:04:25,120 --> 00:04:27,240 Speaker 1: because we're doing a lot of work underneath the cover. 90 00:04:27,400 --> 00:04:30,440 Speaker 1: So you know, something that we shared an investor day is, 91 00:04:30,440 --> 00:04:33,400 Speaker 1: at any given time, we have more than two hundred 92 00:04:33,400 --> 00:04:37,920 Speaker 1: tests in the market where we're evaluating price points changes 93 00:04:37,960 --> 00:04:41,839 Speaker 1: to the credit. So we're constantly adjusting to reflect what's 94 00:04:41,920 --> 00:04:45,680 Speaker 1: happening with the consumer, and that's what's giving us the 95 00:04:45,760 --> 00:04:46,719 Speaker 1: consistent results. 96 00:04:46,800 --> 00:04:49,360 Speaker 2: Well, so that to me says you're very picky about 97 00:04:49,400 --> 00:04:50,080 Speaker 2: who you lend to. 98 00:04:50,640 --> 00:04:51,159 Speaker 1: That's true. 99 00:04:51,200 --> 00:04:53,280 Speaker 2: We are so in terms of your test. So tell 100 00:04:53,320 --> 00:04:56,480 Speaker 2: me what it is I mean, and how many of 101 00:04:56,520 --> 00:04:59,719 Speaker 2: people who apply or want to access your platform. You're like, 102 00:05:00,080 --> 00:05:00,599 Speaker 2: I'm out. 103 00:05:00,839 --> 00:05:04,200 Speaker 1: Yeah. So we're pretty good at selecting who we want 104 00:05:04,600 --> 00:05:07,280 Speaker 1: to have in our portfolio and reaching out to those 105 00:05:07,320 --> 00:05:11,800 Speaker 1: people and then both delivering the price and product experience, 106 00:05:11,839 --> 00:05:14,599 Speaker 1: but also, let's call it the user experience that gets 107 00:05:14,600 --> 00:05:19,000 Speaker 1: them all the way through. So we look for areas where, 108 00:05:19,160 --> 00:05:23,080 Speaker 1: for example, we can control the use of the fun proceeds. 109 00:05:23,080 --> 00:05:25,240 Speaker 1: If you come to me and say I want twenty 110 00:05:25,320 --> 00:05:30,760 Speaker 1: thousand dollars because I'm going to do whatever my kid 111 00:05:30,800 --> 00:05:35,119 Speaker 1: needs braces, or I'm moving cross country. Great, but unless 112 00:05:35,160 --> 00:05:37,720 Speaker 1: I'm paying the orthodontists, I don't actually know that that's 113 00:05:37,760 --> 00:05:40,480 Speaker 1: what you're using it for. Yeah, So we try to 114 00:05:41,279 --> 00:05:45,080 Speaker 1: set ourselves up so that we are in some ways 115 00:05:45,080 --> 00:05:47,680 Speaker 1: controlling the use of proceeds and then making the experience 116 00:05:47,720 --> 00:05:49,760 Speaker 1: such that it makes it really easy. So our largest 117 00:05:49,800 --> 00:05:53,720 Speaker 1: use cases for people who already have debt, credit card debt, 118 00:05:53,760 --> 00:05:56,440 Speaker 1: most notably, which at this point more than half of 119 00:05:56,480 --> 00:05:59,480 Speaker 1: all Americans are carrying. They're carrying it at really high 120 00:05:59,560 --> 00:06:02,040 Speaker 1: rates to three percent interest rate. It's highest they've ever 121 00:06:02,080 --> 00:06:05,599 Speaker 1: been in history. And we say, great, you should do 122 00:06:05,640 --> 00:06:08,520 Speaker 1: this instead. It takes less than five minutes. We're going 123 00:06:08,520 --> 00:06:11,000 Speaker 1: to save you seven hundred basis points. And by the way, 124 00:06:11,080 --> 00:06:13,320 Speaker 1: check all the credit cards that you have that you 125 00:06:13,320 --> 00:06:14,960 Speaker 1: want us to pay off, like we see you have 126 00:06:15,279 --> 00:06:18,200 Speaker 1: Chase or a cap On. Great, check those and we're 127 00:06:18,200 --> 00:06:20,840 Speaker 1: going to pay them directly, so we know you are 128 00:06:20,839 --> 00:06:23,200 Speaker 1: paying off your credit card debt. You're not just saying 129 00:06:23,240 --> 00:06:25,039 Speaker 1: you're going to pay off your credit card debt and 130 00:06:25,080 --> 00:06:27,200 Speaker 1: taking out more money. We are paying it off for you. 131 00:06:27,279 --> 00:06:30,360 Speaker 1: Benefit for you is you know you've consolidated everything into 132 00:06:30,360 --> 00:06:33,400 Speaker 1: one bill. Other benefit is your FYCO score usually goes 133 00:06:33,440 --> 00:06:36,160 Speaker 1: up by thirty thirty five points, right, because you've lowered, 134 00:06:36,320 --> 00:06:37,920 Speaker 1: you know, your your utilization. 135 00:06:38,440 --> 00:06:40,719 Speaker 2: How much can you lower? Like I'm going to tell you. 136 00:06:40,880 --> 00:06:43,560 Speaker 2: Credit card rates just blow my mind about how high 137 00:06:43,560 --> 00:06:45,400 Speaker 2: they are. And I'm just curious, why are they so high? 138 00:06:45,480 --> 00:06:48,520 Speaker 2: Are people so bad? Is it to cover? No, I'm curious. 139 00:06:48,600 --> 00:06:49,520 Speaker 1: Yeah, No, it's a great question. 140 00:06:49,720 --> 00:06:52,000 Speaker 2: It just seems like it's out of control, and I 141 00:06:52,080 --> 00:06:57,280 Speaker 2: think it prevents people from becoming financially solvent or creating, 142 00:06:57,480 --> 00:06:59,360 Speaker 2: you know, kind of getting ahead of the game if 143 00:06:59,400 --> 00:06:59,719 Speaker 2: you will. 144 00:06:59,800 --> 00:07:01,440 Speaker 1: Yeah. Yeah, there's a lot to unpack in that. 145 00:07:02,040 --> 00:07:02,320 Speaker 4: It is. 146 00:07:02,440 --> 00:07:05,600 Speaker 1: No, No, it's a great question, and you know there's 147 00:07:05,800 --> 00:07:08,320 Speaker 1: a number of questions underneath. But I'd say the biggest 148 00:07:08,360 --> 00:07:12,800 Speaker 1: thing is if you think about how people choose credit cards, 149 00:07:12,840 --> 00:07:15,360 Speaker 1: it is not based on the interest rate. Yeah right, 150 00:07:15,600 --> 00:07:20,520 Speaker 1: it's my Skymiles card or whatever, my retail store card. 151 00:07:20,560 --> 00:07:22,560 Speaker 1: I'm going to get rewards for this. They don't even 152 00:07:22,560 --> 00:07:24,360 Speaker 1: know what the interest rate is, or it's a promotional 153 00:07:24,440 --> 00:07:27,000 Speaker 1: rate that resets, so that's one they don't choose based 154 00:07:27,040 --> 00:07:29,920 Speaker 1: on that. Half of the people don't revolve on the 155 00:07:29,920 --> 00:07:32,840 Speaker 1: card they're collecting these rewards. Yeah, but they're not carrying 156 00:07:32,840 --> 00:07:36,040 Speaker 1: a balance. Well, guess who's paying for that? All the 157 00:07:36,080 --> 00:07:40,480 Speaker 1: people that are carrying a balance. Those people don't know 158 00:07:40,560 --> 00:07:43,160 Speaker 1: what their rates are. The research we've done is half 159 00:07:43,200 --> 00:07:45,520 Speaker 1: of all customers don't say they don't know the interest 160 00:07:45,600 --> 00:07:48,280 Speaker 1: rate on their credit cards, and half that say they do. 161 00:07:48,760 --> 00:07:51,600 Speaker 1: More than half of them are wrong, right. They think 162 00:07:51,680 --> 00:07:55,280 Speaker 1: they know their rate, but they don't. And so cards 163 00:07:55,280 --> 00:07:57,200 Speaker 1: have been able And one of the big resets with 164 00:07:57,240 --> 00:08:00,960 Speaker 1: the cards was was driven by the car Act, which 165 00:08:01,040 --> 00:08:04,440 Speaker 1: limited how much cards could increase rates, so they factored 166 00:08:04,480 --> 00:08:05,480 Speaker 1: in higher rates. 167 00:08:05,800 --> 00:08:07,320 Speaker 3: I just want to jump in real quick. We are 168 00:08:07,400 --> 00:08:10,520 Speaker 3: speaking with Scott Sandborn, CEO of a lending club. He's 169 00:08:10,560 --> 00:08:12,520 Speaker 3: been CEO for close to a decade. We're also just 170 00:08:12,560 --> 00:08:15,960 Speaker 3: getting some breaking news too on Apple. Apple's design executive 171 00:08:16,000 --> 00:08:19,320 Speaker 3: Alan Dye poached by Meta in at major coup This 172 00:08:19,440 --> 00:08:23,960 Speaker 3: is the most prominent design executives executive at Apple. This 173 00:08:24,080 --> 00:08:26,400 Speaker 3: underscore is a push by the social networking giant into 174 00:08:26,440 --> 00:08:29,920 Speaker 3: AI equipped consumer devices. We also have here with us 175 00:08:29,960 --> 00:08:33,640 Speaker 3: Herman Chan. He's Bloomberg Intelligence Senior analyst for US regional banks. 176 00:08:34,080 --> 00:08:34,360 Speaker 2: Thanks. 177 00:08:34,520 --> 00:08:37,280 Speaker 4: I wanted to follow up with you, Scott on some 178 00:08:37,360 --> 00:08:40,200 Speaker 4: of the medium term expectations you laid out an investor day. 179 00:08:40,240 --> 00:08:43,720 Speaker 4: You talked about doubling loan originations. We're talking about eighteen 180 00:08:43,800 --> 00:08:47,480 Speaker 4: to twenty billion dollars a year. What are some of 181 00:08:47,520 --> 00:08:49,960 Speaker 4: the levers to get you to that level? You mentioned 182 00:08:50,080 --> 00:08:53,760 Speaker 4: use cases. Maybe you talk about home improvement as a 183 00:08:53,880 --> 00:08:56,520 Speaker 4: use case, and how do you maintain solid credit quality 184 00:08:56,559 --> 00:08:57,160 Speaker 4: as you ramp. 185 00:08:57,080 --> 00:08:59,160 Speaker 2: Up that home improvement is something you're getting into, right. 186 00:08:59,200 --> 00:09:03,600 Speaker 1: That's right, yep. So first and foremost is as I mentioned, 187 00:09:03,880 --> 00:09:06,480 Speaker 1: you know, credit card refinding people out of their credit 188 00:09:06,480 --> 00:09:09,040 Speaker 1: card debt into a fixed rate, lower rate loan is 189 00:09:09,559 --> 00:09:13,160 Speaker 1: number one use case. It's it's about eighty percent of 190 00:09:13,160 --> 00:09:16,199 Speaker 1: what we do. That market is the largest it's ever been. 191 00:09:16,240 --> 00:09:17,280 Speaker 1: There's one point three. 192 00:09:17,080 --> 00:09:19,480 Speaker 2: Trillion eighty percent of what you do. Is that? Wow? 193 00:09:19,600 --> 00:09:20,000 Speaker 2: Go ahead? 194 00:09:20,080 --> 00:09:20,360 Speaker 4: Sorry? 195 00:09:20,760 --> 00:09:24,920 Speaker 1: So that is you know, one point three trillion in 196 00:09:25,040 --> 00:09:29,000 Speaker 1: balances priced at really really high rates. We you know, 197 00:09:29,160 --> 00:09:32,559 Speaker 1: when the rate environment shifted and the inflationary pressure shifted, 198 00:09:32,720 --> 00:09:34,440 Speaker 1: we pulled back on a lot of our marketing. So 199 00:09:34,480 --> 00:09:38,440 Speaker 1: we're currently running today at sort of below our historical volumes. 200 00:09:39,320 --> 00:09:43,040 Speaker 1: So we're just going back into that market turning back 201 00:09:43,080 --> 00:09:45,719 Speaker 1: on marketing channels that we had turned off, and then 202 00:09:45,760 --> 00:09:48,520 Speaker 1: the other areas. You know, personal loans can be used 203 00:09:48,920 --> 00:09:52,680 Speaker 1: literally for anything, right and before credit cards came around 204 00:09:52,679 --> 00:09:55,280 Speaker 1: and came to be, they were the dominant way consumers 205 00:09:55,320 --> 00:09:58,400 Speaker 1: accessed you know, credit for everyday need. So we have 206 00:09:58,480 --> 00:10:02,560 Speaker 1: a major purchase and business that's growing today, call it 207 00:10:02,760 --> 00:10:06,560 Speaker 1: fifty plus percent year on year. That's allowing things like 208 00:10:07,600 --> 00:10:12,680 Speaker 1: elective medical procedures, you know, lay six races for your kid, 209 00:10:13,920 --> 00:10:17,720 Speaker 1: you know, all kinds of procedure of fertility treatments, teeth implants, 210 00:10:17,920 --> 00:10:21,320 Speaker 1: so things that insurance doesn't pay for but you want 211 00:10:21,320 --> 00:10:24,360 Speaker 1: to do and you want to do right away. Private 212 00:10:24,360 --> 00:10:27,640 Speaker 1: school education it's another one. So home improvement is sort 213 00:10:27,679 --> 00:10:31,160 Speaker 1: of an next adjacency. People right now are staying in 214 00:10:31,200 --> 00:10:33,520 Speaker 1: their homes longer. You know, seventy five percent of Americans, 215 00:10:33,520 --> 00:10:36,840 Speaker 1: their mortgage rate is under five percent. They're not going anywhere, 216 00:10:37,679 --> 00:10:40,360 Speaker 1: and the homes are getting older. So the homes need 217 00:10:40,400 --> 00:10:42,920 Speaker 1: to be invested in, they need to be improved. So 218 00:10:43,400 --> 00:10:49,400 Speaker 1: effectively enabling home improvement through an unsecured loan, where again 219 00:10:49,880 --> 00:10:52,000 Speaker 1: we are controlling the use of proceeds. We can pay 220 00:10:52,040 --> 00:10:55,320 Speaker 1: the supplier we can pay the contractor. We've got the 221 00:10:55,360 --> 00:10:59,560 Speaker 1: capability through an acquisition we announced to you know, disperse 222 00:10:59,640 --> 00:11:04,440 Speaker 1: this in phases to multiple parties. So we're really excited 223 00:11:04,480 --> 00:11:05,800 Speaker 1: to kick that off. 224 00:11:06,080 --> 00:11:09,920 Speaker 2: We've only got like thirty seconds left. Hair consumer doing okay. 225 00:11:10,480 --> 00:11:14,280 Speaker 1: I'd say the consumer we serve is demonstrating themselves to 226 00:11:14,320 --> 00:11:15,920 Speaker 1: be remarkably resilient. 227 00:11:17,400 --> 00:11:17,840 Speaker 3: That a lot. 228 00:11:17,920 --> 00:11:22,000 Speaker 1: It's a drinking game, but we'll acknowledge that the sentiment 229 00:11:22,200 --> 00:11:22,800 Speaker 1: isn't great. 230 00:11:24,400 --> 00:11:26,520 Speaker 2: Yeah, come back soon. I have to tell you that 231 00:11:26,600 --> 00:11:27,840 Speaker 2: I think we're all like, I want to go, I 232 00:11:27,880 --> 00:11:29,920 Speaker 2: want to go. Please come back late, because I think 233 00:11:29,960 --> 00:11:33,480 Speaker 2: you have a great advantage and view into what's going 234 00:11:33,480 --> 00:11:35,800 Speaker 2: on in the economy. We'd love to Okay, we would too. 235 00:11:35,800 --> 00:11:39,000 Speaker 2: Scott Sandborn, chief executive officer of Lending Club, are amazing. 236 00:11:39,040 --> 00:11:42,280 Speaker 2: Herman Chen Bloomberg, Intelligence Senior Analyst for US regional banks