Alecta's earlier statement that no saver at the individual level would be significantly affected by their loss in SIVB fell apart today when it emerged that Alecta also invested in Signature Bank Common Stock (SBNY), which were officially shut down by regulators as of yesterday.
According to information that emerged today, Alecta's losses should amount to over 1 billion dollars. Today the company admitted that this will affect savers.
Alecta is now trying to pour oil on trouble waters by communicating that the loss corresponds to only 1% of the total amount that the company manages on behalf of pension savers. I guess they are trying to avoid being subjected to a bank run.
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