City pension funds had almost $2 million invested with First Republic and Signature banks — losing it all when both banks failed this year.
The losses were contained in new data The Post obtained from the city Comptroller’s office under a Freedom of Information Law request.
Though a federal bailout rescued bank depositors, the city’s pension cash had been invested in bank stocks and bonds.
“The overall loss is negligible in the context of the daily market motions of our $240 billion pension funds,” said Chloe Chik, spokesperson for Comptroller Brad Lander.
All five city pensions funds were hit in the bank failures.
Author(s): Jon Levine
Publication Date: 20 May 2023
Publication Site: NY Post