The boss of Sweden's biggest pension provider has been fired after the fund manager's bets on troubled American lenders such as Silicon Valley Bank led to losses of £1.5bn. His abrupt exit comes after the pension provider last month revealed it had lost 19.6 billion Swedish crowns (£1.5bn) from its shareholdings in Silicon Valley Bank, First Republic Bank, and Signature Bank, which were plunged into turmoil following consumer withdrawal panics. "The losses have severely damaged the trust in Alecta's asset management," the company said in a statement.