SANTA CLARA, CALIFORNIA: Silicon Valley Bank (SVB) head of risk assessment Jay Ersapah has been accused of prioritizing LGBTQ initiatives, including hosting a month-long Pride campaign and launching safe space catch-ups for staff before SVB lost billions and collapsed on Friday March 10. Ersapah, who describes herself as “a queer person of color from a working class background”, in a video posted nine months ago, said she “couldn’t be more proud to work for SVB serving sub-contractors. represented.
The update comes after global banking and financial stocks were hit hard following the collapse of SVB, sending investors into a frenzy following a decline in its shares that led to a 1.8 market loss billion dollars. And with that, SVB became the biggest bank to collapse since the 2008 financial crisis.
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Who is Jay Ersapah?
According to DailyMail, Ersapah’s biography on the Outstanding website states: “Jay has been a leading figure in the bank’s outreach activities, including serving as a panelist at SVB’s Global Pride Town Hall to share her experiences as a lesbian. of color, moderating SVB’s EMEA Pride Town Hall and was instrumental in launching the organization’s first-ever global safe space catch-up, helping employees share their outing experiences.”
Ersapah, who is from the UK where she studied an undergraduate degree in economics at the University of Warwick and was listed as one of the LGTBQ 100 Future Leaders in 2022, is ‘allied’ to the charity to stonewall gay rights and has written several articles to promote LGBTQ awareness such as “Lesbian Visibility Day and Trans Awareness Week”. According to his LinkedIn profile, Ersapah has worked for several big names in the financial industry, including Citi, Barclays and consulting firm Deloitte.
‘Wake up, go broke’
Many critics decried Ersapah’s apparent preoccupation with LGBTQ issues. One of the Facebook users, Paul Tucker, wrote: “The SVB bank collapse is the second largest banking collapse in US history. The stock price lost 90% of its value in less than 48 hours. Most depositors and their deposits are uninsured. People will lose billions. Just who was in charge of this place? The financial director was Joseph Gentile. He was the CFO of Lehman Brothers when they failed. The board is filled with various recruits who are there due to their awake credentials. They all have pronouns in their bios, which are filled with company news. The head of financial and model risk management was this weirdo: Jay Ersapah. This is what happens when you allow people to manage your money based on awakened principles rather than their actual abilities and skills. I hope the depositors of this bankrupt bank take advantage of all this diversity, because diversity is your strength, huh?
Silicon Valley Bank collapse
Following the collapse, popular children’s toy store Camp teamed up with SVB, which collaborated with a number of high-profile celebrities including Drew Barrymore and Neil Patrick Harris, slashed their prices and announced a sale 40% off with promo code “BANKRUN”. “, DailyMail reports. Co-founder Ben Kaufman said in an email: “Unfortunately, we had most of our company’s cash in a bank that failed. I’m sure you’ve heard the news,” and added, “All sales from now on will be deposited with Chase and will allow us to generate the cash needed to continue operations so we can continue to give away souvenirs. unforgettable family. An ad on the store’s Instagram account invited customers to use the discount code “BANKRUN”. Kaufman said, “Take away cheap toys, birthday presents, etc., while helping out CAMP. Does everyone win?”
Many mompreneurs on Etsy have also been affected. According to DailyMail, a small business owner said she couldn’t pay her mortgage because her payments were frozen. She said in a TikTok video, “I’ve been an Etsy shop owner since 2015, I’m doing very well on Etsy. I noticed today that my money that needed to be deposited to be available tomorrow never been sent to my checking account. Then I get an email saying that because of Silicon Valley Bank they can’t issue my deposit. My money, which I worked hard for, can’t be sent in my bank account. The money that I thought I had tomorrow in my bank account cannot be sent to me. Why is this my problem?” Another woman, who runs personalized gift company Little Miss Lovely Creations, said she was “blown away” by the news, saying “I’m a mother of three, I have a small business, I’ve been doing this from home. me. These funds feed my family and pay my bills. Fingers crossed that we receive our funds on Monday [March 13].”