Alecta suffers $2 billion losses after selling First Republic Bank stake at a loss.

Swedish pension fund Alecta, the fifth-largest shareholder in First Republic Bank, has sold its shares in the struggling American bank due to uncertainty about its future after being downgraded to junk status. Alecta took a loss of $728 million on the sale, on top of losses from the collapses of Silicon Valley Bank and Signature Bank. The pension fund's board is investigating its investment strategy, risk allocation, and mandate for asset management.