John Mack joins LendingClub

Former Morgan Stanley chief executive John Mack joined the board of LendingClub Corp yesterday. LendingClub said it picked Mack for his experience in the bond market. Mack has a long history on Wall Street, where he joined Morgan Stanley’s bond department in 1972, eventually becoming president of the bank in 1993. LendingClub, which is not yet profitable, targets consumers who use their loans given at a lower rate to pay off credit card debt. Since its launch in 2007, it has originated more than $580m worth of loans.