Morgan Stanley has lost one of its senior personnel, Valerie Kay, who has parted ways with the lender to join Lending Club (NYSE:LC), a peer-to-peer (P2P) lender, Finance Magnates has learned.
Ms. Kay originally joined Morgan Stanley back in 1996. Over the next two decades she worked in a variety of roles, including in senior management positions within the bank’s securitization business for several years. Additionally, she also worked on its Senior Relationship Management (SRM) team and was a managing director from 2015.
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In this capacity she focused on a variety of asset classes and channels. Despite parting ways with Morgan Stanley, the lender has not announced plans for her immediate replacement.
Lending Club has secured Ms. Kay as its newest Head of the Institutional Group. In her new role she will be reporting to Patrick Dunne, Chief Capital Officer of the group.
According to Ms. Kay in a recent statement on the appointment at Lending Club: “I’m thrilled for this opportunity to join a talented team and further build the institutional investor strategy.”
Lending Club has made waves recently with its exodus of personnel and cuts, following the group’s bid to restore profitability and revenues. Much of the upper cadre of Lending Club’s (NYSE:LC) leadership team has been in a state of flux in recent months, with the company’s revenues diving. Apart from the loss of nearly 180 jobs back in June, Lending Club’s relied on the services of interim CEO Scott Sanborn, a company mainstay, after the snap resignation of the previous incumbent and founder Renaud Laplanche.