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Western Alliance Takes $126M Charge-Off as Jefferies Balks on Loan Payment

Western Alliance Takes $126M Charge-Off as Jefferies Balks on Loan Payment

Author:

Global Cryptocurrency

Published:

2026-03-06 15:47:02

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BTCCSquare news:

Western Alliance Bancorp shares plunged 12% premarket after disclosing a $126.4 million charge-off tied to a trade finance loan. The bank alleges Jefferies Financial Group breached a forbearance agreement involving collateral from bankrupt auto parts supplier First Brands Group.

Jefferies, which saw its stock drop 5-6%, called the lawsuit "without merit." Western Alliance claims planned securities gains and cost cuts will offset roughly $100 million of the loss.

The dispute centers on lapsed UCC financing statements during Jefferies' servicing of the loan. Market reaction suggests lingering concerns about counterparty risk in trade finance deals.

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