A closer look at the New York-based bank that collapsed Sunday revealed some interesting advertising ideas. Signature Bank, which denied t...
A closer look at the New York-based bank that collapsed Sunday revealed some interesting advertising ideas.
Signature Bank, which denied then-President Donald Trump’s business in 2021 and was shut down by New York state regulators in the wake of the California-based Silicon Valley Bank (SVB) collapse, put out one particular ad, featuring a parody of the song “Some Nights” by fun., that attracted upwards of 735,000 views in a matter of hours.
“Is it surprising that Signature Bank failed?” Grit Capital founder Genevieve Roch-Decter captioned the video. “Their executive team spent millions of dollars to produce music videos & TV shows about themselves.”
“Try not to cringe as you watch this,” she added.
CNBC reported that Signature Bank was deeply invested in volatile cryptocurrency and had $110.4 billion in total assets and $88.6 billion in total deposits as of the end of 2022. After Sunday’s move by state regulators, the Federal Deposit Insurance Corporation (FDIC) took control of the bank.
In the same Twitter thread, Roch-Decter said a former Signature Bank employee told her, “The Management Team was basically like the show, the Office. They’d waste money on things like producing parody videos.”
The finance expert posted another video from the NY lender — this time a sort of musical comedy sketch.
“Who would have trusted their money to these guys after watching this video? This is a circus not a bank,” Roch-Decter captioned one last video, a parody of a Katy Perry song.
SVB caught accusations of mismanagement, too; specially, the lender was apparently hyper-focused on so-called diversity, equity, and inclusion (DEI) initiatives and LGBT activism.
SVB reportedly failed to have someone in charge of risk assessment for some eight months, until January of this year, while the person in charge of risk assessment in the U.K. allegedly prioritized “pro-diversity initiatives” while neglecting her actual role, according to a Daily Mail report.
Moreover, Jay Ersapah, Chief Risk Officer for the SVB in Europe, Africa and the Middle East, describes herself as a “queer person of color from a working-class background” and organized LGBTQ initiatives, including a month-long Pride campaign, the Daily Mail report outlined. Ersapah also implemented so-called safe space catch-ups for staffers and boasted of serving “underrepresented entrepreneurs.”
“This bank, they’re so concerned with DEI and politics and all kinds of stuff, I think that really diverted from them focusing on their core mission,” Florida Republican Gov. Ron DeSantis told Fox News on Sunday.
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