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[–]ClassroomPast6178[S] 5 insightful - 1 fun5 insightful - 0 fun6 insightful - 1 fun -  (1 child)

Executives at Silicon Valley Bank focused on woke initiatives to increase diversity amongst its ranks and invest in startups promoting a 'healthier planet,' but failed to spot its glaring problems with investments as interest rates rose.

The now-failed bank had an A rating for its Environmental, Social and Governance policies according to the MSCI index after creating its own initiatives to 'advance inclusion and opportunity in the innovation economy' and investing in clean energy solutions over the past few years.

It even announced that it would invest a whopping $5billion by 2027 to support sustainability efforts, while its European offices held a monthlong Pride celebration and promoted 'safe spaces.'

But for eight months last year, the bank did not have a chief risk operator, as it invested clients' money in low-interest government bonds and securities.

Then when the Federal Reserve increased interest rates, the value of SVB's assets fell while customers tried to withdraw their money.

Now, many are slamming the financial institution for focusing too much on woke policies and not enough on its investments.

It also notes that the bank implemented 'a diverse candidate slate for US leadership roles' and introduced its first six Employee Resource Groups for Asian, black, Hispanic, LGBTQ, veteran, military and female employees.

Additionally, it 'introduced measurable diversity goals for its senior leadership positions to strengthen the hiring and talent development initiatives meant to create paths to professional advancement, especially for women, black/African American and Hispanic/Latinx individuals.'

The report then goes on to note that the bank even created its own program 'designed to advance inclusion and opportunity in the innovation economy, particularly for women, black/African American and Hispanic/Latinx individuals.'

'In 2021, SVB continued to expand the program, harnessing its resources, experience and connections to address key barriers that prevent underrepresented groups from succeeding in the innovation sector

[–]hfxB0oyADon't piss on my head & tell me it's raining. 5 insightful - 2 fun5 insightful - 1 fun6 insightful - 2 fun -  (0 children)

The diversity hires come home to roost.