Collapsed lender Silicon Valley Bank operated without a chief risk officer between April 2022 and January 2023 while the operation's United Kingdom-based CRO stands accused of prioritizing pro-diversity initiatives over her actual role.

This revelation comes after the firm became the largest bank to collapse since the 2008 financial crisis - disclosing a $1.8 billion loss in its finances.

SVB's former head of risk, Laura Izurieta, who formerly performed a similar role for Capital One, left the bank in April 2022. She wasn't replaced until January 2023 when the bank hired Kim Olson, formerly of Japanese bank Sumitomo Mitsui.