… top executive pushed ‘woke’ programs
A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming out stories, as the firm catapulted toward collapse.
Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.
“The phrase ‘you can’t be what you can’t see’ resonates with me,’” Ersapah was quoted as saying on the company website.
“As a queer person of color and a first-generation immigrant from a working-class background, there were not many role models for me to ‘see’ growing up.”
Her efforts as the company’s European LGBTQIA+ Employee Resource Group co-chair earned her a spot on SVB’s “outstanding LGBT+ Role Model Lists 2022,” a list shared in a company post just four months before the bank was shut down by federal authorities over liquidity fears.
Jay Ersapah, head of Financial Risk Management & Model Risk of SVB’s UK branch, also served as company’s European LGBTQIA+ Employee Resource Group co-chair.
Sillicon Valley Bank
Silicon Valley Bank was shut down by federal authorities over liquidity fears.
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In addition to instituting SVB’s first “safe space catch-up” — which encouraged employees to share their coming out stories — and serving on LGBTQ+ panels around the world, Ersapah also spent time over the last year serving as a director for Diversity Role Models and volunteering as a mentor for Migrant Leaders.
“I feel privileged to co-chair the LGBTQ+ ERG and help spread awareness of lived queer experiences, partner with charitable organizations, and above all, create a sense of community for our LGBTQ+ employees and allies.”
Ersapah couldn’t immediately be reached for comment.
SVB was abruptly shut down Friday by the California Department of Financial Protection and Innovation shortly after it disclosed it had taken a $1.8 billion hit from a $21 billion fire sale of its bond holdings.
It faced a cash crunch due to surging interest rates, and a recent meltdown in the tech sector led many customers to pare their deposits.
Home Depot co-founder Bernie Marcus said that pressure to institute “woke” policies could have led to the SVB’s dramatic failure.
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Shares of SVB Financial, the bank’s parent, had plunged by a whopping 60% on Thursday.
The stock was down by another 60% in premarket trading Friday until being halted.
On Saturday, Home Depot co-founder Bernie Marcus insinuated that “woke” policies like the ones launched by Ersapah could have led to the SVB’s dramatic failure.
