Banks worked as a contract model with the brand, the first black model to do so.
In a post on Instagram, she added: "First is crucial so that a door can be opened for others to fit through. Within a 10-year span starting in 1995, I was the first black @VictoriasSecret contract model ever.
"The first black Victoria's Secret Cover model. The first black VS model to do so many other groundbreaking things with the brand - as well as other brands.
"But after a first, must come a flow of more.
"A flow of different. A flow of unique. A flow so strong, a flow of so many that we
LOSE COUNT."
Victoria's Secret confirmed the changes in a statement earlier this week.
Their CEO, Martin Waters, said: "At Victoria's Secret, we are on an incredible journey to become the world's leading advocate for women.
"This is a dramatic shift for our brand, and it's a shift that we embrace from our core.
"These new initiatives are just the beginning.
"We are energised and humbled by the work ahead of us."