First Citizens Bank ($83 Million) and Santander ($55 Million) hit by First Brands collapse. Several Wall Street firms including JPMorgan, Jefferies, and Cantor Fitzgerald have also suffered losses
Big things have small beginnings. https://x.com/kshaughnessy2/status/1981673722982674914 https://x.com/MrJJB/status/1981703730778239330 Key insight: Two more regional banks disclosed credit losses related to the bankruptcy of First Brands, the U.S. auto parts maker that filed for bankruptcy amid allegations that it engaged in fraud. What’s at stake: The list of large and regional banks with exposures to First Brands continues …
