The new spotlight that has been centered on the New York-based bank which collapsed this past Sunday has unveiled quite a few odd ad ideas.
Known for having openly denied the business of then-President Donald Trump back in 2021, Signature Bank was shut down by New York state regulators after the wholesale collapse of California-based Silicon Valley Bank (SVB), put out one crazy ad in particular which featured an insane parody of the song “Some Night” by fun., that has ended up garnering close to 735,000 views over the course of a few hours.
“Is it surprising that Signature Bank failed?” explained Genevieve Roch-Decter, the founder of Grit Capital, in a caption on 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 stated.
Is it surprising that Signature Bank failed?
Their executive team spent millions of dollars to produce music videos & TV shows about themselves
Try not to cringe as you watch this: pic.twitter.com/16K70FQq5o
— Genevieve Roch-Decter, CFA (@GRDecter) March 13, 2023
CNBC issued a report that Signature Bank was deeply invested in a number of highly volatile cryptocurrencies and sported about $110.4 billion in total assets and close to $88.6 billion in overall deposits at the end of the year 2022. In the wake of the events of this past Sunday from the state regulators, the Federal Deposit Insurance Corporation (FDIC) directly took control of the bank.
As part of the very same thread on Twitter, Roch-Decter explained that a former employee of Signature Bank stated to her, “The Management Team was basically like the show, the Office. They’d waste money on things like producing parody videos.”
The finance expert spotlights another video from the NY lender — this time a kind of musical comedy sketch.
The execs also tried their hands at a comedy sketch/musical combo.
I'm speechless. pic.twitter.com/y3lWDCcSlp
— Genevieve Roch-Decter, CFA (@GRDecter) March 13, 2023
“Who would have trusted their money to these guys after watching this video? This is a circus not a bank,” Roch-Decter stated inb a caption on one video, seemingly a parody of a song by Katy Perry.
Who would have trusted their money to these guys after watching this video?
This is a circus not a bank. pic.twitter.com/UYXxyifD4b
— Genevieve Roch-Decter, CFA (@GRDecter) March 13, 2023
SVB has been swept up in accusations of mismanagement, as well, in particular, the lender was apparently hyper-focused on so-called diversity, equity, and inclusion (DEI) initiatives and LGBT activism efforts.
SVB reportedly directly failed to put someone in charge of managing all risk assessment for close to eight months, until at least January of this year, while the person set to be in charge of risk assessment for the U.K. allegedly put priority onto “pro-diversity initiatives” while she openly neglected her actual job, as reported by the Daily Mail.
In that same vein, Jay Ersapah — who works as the Chief Risk Officer for the SVB in Europe, Africa and the Middle East — labels herself as a “queer person of color from a working-class background” and organized LGBTQ initiatives, including a massive month-long Pride campaign. Ersapah also set up a number of what she called safe spaces catch-ups for staffers and bragged about serving “underrepresented entrepreneurs.”
