US Bank Scare Wipes Out $100 Billion: Global Markets Plunge as “Cockroach” Fears Spread
Zions Bancorp and Western Alliance reported surprise loan losses and alleged fraud, sending their shares down 12% and 10%. The news wiped over $100 billion from global bank stocks in one day, with Deutsche Bank and Barclays both falling sharply. Gold hit a record high, and U.S. bond yields dropped as investors sought safety. JPMorgan CEO Jamie Dimon warned more problems may surface.