Sweden's Top Pension Fund CEO Sacked Over $2 Billion Loss on US Bank

Alecta, Sweden's largest pension fund, has fired its CEO, Magnus Billing, "with immediate effect" after the company lost almost $2 billion on investments in Silicon Valley Bank and Signature Bank, two of the three largest banking failures in U.S. history. The losses have damaged confidence in Alecta's asset management, and the company is looking to restore trust with a leadership change. Alecta began buying shares in the three American banks in 2017 and increased its holdings in the following years.