两银行信用危机触发抛售，盘中美地区银行指数跌近7%、Jefferies跌11%

Core Viewpoint - The recent disclosures of loan fraud and bad debt issues by two U.S. regional banks, Zions and Western Alliance, have raised widespread concerns about credit quality, leading to a significant decline in regional bank indices and overall financial stocks [1][3][15]. Summary by Sections Loan Fraud and Bad Debt Issues - Zions Bancorp reported a $50 million write-off related to a loan underwritten by its subsidiary, California Bank & Trust, while Western Alliance also faced significant losses from loans to the same group of borrowers [4][10]. - The regional bank index fell by 6.2%, with the Philadelphia Bank Index down 3.6%, reflecting investor fears about deteriorating borrower credit conditions [3][6]. Market Reactions - Stocks of Zions and Western Alliance dropped by 13.14% and 10.83%, respectively, with other regional banks also experiencing declines of at least 7% [4][6]. - The broader market was affected, with the S&P 500 index initially rising but later reversing gains, ultimately falling by 1% as all sectors, particularly financials, faced declines [6][7]. Broader Implications - The loan issues are part of a larger trend affecting regional banks, which have been under scrutiny since the collapse of Silicon Valley Bank earlier in 2023 [15]. - Concerns about the health of banks intensified following the bankruptcies of automotive-related companies, First Brands and Tricolor Holdings, which have led to significant losses for major banks [17][18]. Analyst Perspectives - Some analysts view the recent events as isolated incidents rather than indicative of systemic risks, although they have heightened market anxiety [21][22]. - Analysts from various firms suggest that while large banks can absorb such losses, regional banks may face more severe impacts, leading to a cautious investment environment [19][20].