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Silicon Valley Bank Goes BROKE after LGBTQ+ Activism

Silicon Valley Bank had $209 Billion is assets. The California Lender was the 16th largest US bank.

Silicon Valley Bank has recently collapsed after disclosing a $1.8 Billion loss without a CRO (Chief Risk Officer) for almost nine months. They operated without a CRO between April 2022 and January 2023. SVB’s former Head of Risk left in April 2022 and was not replaced until January 2023.

Jay Ersapah, head of risk management, has been getting complaints for valuing the pro-diversity agenda over the actual responsibilities of her job. As chief revenue officer for SVB, Ersapah organized a variety of LGBTQ+ initiatives and a month long pride campaign.

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Previous events held by Ersapah include moderating the EMEA Pride town hall and she also served as a panelist at the bank’s Global Pride town hall to share her experiences  from the perspective a as a lesbian of color. Her bio also states she has worked for the likes of Citi, Barclays, and the consultancy firm Deloitte.

Silicon Valley Bank CEO, Greg Becker, endorsed the credibility and necessity of having someone with “deep and multi-faceted financial services experience” and believed Ersapah as the ideal candidate for the job.

Critics have been having it out at Ersapah’s apparent preoccupation with LGBTQ+ issues. One Facebook user wrote –   ” The [SVB] Board of Directors is filled with diversity hires who are there because of their woke credentials. They all have pronouns in their bios, which are filled with corporate newspeak.”

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