Although many banks focus on diversifying their ranks, data shows that the number of Black-owned banks in America has decreased over the years. Presently, there are only 25 insured financial institutions in the U.S. that are Black-owned.
, billed itself as an institution focused on maintaining a workforce that builds “diversity, equity, and inclusion [DEI].”
“Woke nothing. No one is awake at all. And it's not the reason they failed. They failed because their CEO cashed out [millions],” Mehrsa Baradaran, a law professor at the University of California, Irvine, and author of, told Yahoo News. “It’s so offensive. They feel like they’re gods and so it must not be their fault. So let’s look at who we can blame and I think it’s the wrong people for sure.
During times of financial turmoil or instability in the market, minority- and community-owned banks, which may be some of the “wokest” of all financial institutions, are often hit first, experts say. Having been shut down by state regulators the day before, a Signature Bank in Brooklyn, N.Y., remains open for its customers on Monday morning, their deposits secured by the federal government, March 13.
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