Another market meltdown, and another costly lesson for ESG.
Rebecca Self, a former senior banker at HSBC Holdings Plc who now runs Seawolf Sustainability Consulting, says that attempting to run ESG portfolios by fixating on only one of the three elements that make up the acronym, which stands for environmental, social and governance, is risky in itself. ESG fund managers have focused too much on “specific topics in isolation,” she said.
“Get the ‘G’ wrong and it undermines everything else,” said Clements-Hunt, who’s now a sustainability director at UK law firm Mishcon de Reya LLP. SVB said that it appointed its chief risk officer, Kim Olson, in late 2022. The bank’s former CRO was Laura Izurieta, who stopped serving in her role last April and left SVB in October. On Tuesday, it emerged that prosecutors in the Justice Department’s fraud section, the US Attorney’s Office for the Northern District of California and the Securities and Exchange Commission are now probing SVB’s failure.
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Signature Bank closed by New York regulators in fallout from implosion of SVBU.S. regulators are racing against the clock to stop a potential contagion from spreading to other lenders.
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