Overview
- Zions Bancorporation reported a $50 million third-quarter loss tied to two failed large loans and sued to recover more than $60 million from Cantor II and Cantor IV.
- Zions’ complaint says Western Alliance is seeking roughly $100 million from a Cantor Group fund, while representatives for the Cantor parties deny the allegations.
- U.S. bank shares fell sharply, with the regional banks index down 5.8% and the Nasdaq Bank Index off 3.6%, as Bloomberg estimated more than $100 billion in value erased across 74 large U.S. banks.
- Selling extended overseas as Germany’s DAX opened about 2% lower and major European bank stocks dropped as much as roughly 6%.
- Recent failures in the auto sector, including First Brands and Tricolor with reports of double‑pledged collateral and large lender write‑downs, have heightened anxiety, echoing Jamie Dimon’s warning that visible fraud may indicate more to come.