Silicon Valley Bank did not employ a chief risk officer from April 2022 to January 2023, leading up to its collapse last Friday; but it did employ a chief DEI officer in that time.
Treasury Secretary Janet Yellen is shown during a House Ways and Means Committee hearing in Washington, D.C., on March 10, 2023.
A chief risk officer typically monitors procedures in order to limit operation exposure to risks, and SVB said at the time ofthat she would "lead the Risk function and team, developing and maintaining SVB’s risk management framework and a culture of risk management across the company." Social media critics, primarily conservatives, have criticized that the bank kept a DEI officer and reportedly focused on DEI and ESG policies as the bank was crumbling behind the scenes.
Silicon Valley Bank did not have a chief risk officer for the last eight months of 2022 as it barreled toward collapse."one of the biggest evangelists of DEI and ESG." Utah Republican Sen. Mike Lee took aim at the company on Twitter, pointing out that ESG and DEI were not enough to "save" the bank.on Thursday morning that the U.S. banking system remains "sound" despite SVB's collapse, which represented the second-largest bank failure in U.S.
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