The bankruptcies of Tricolor Holdings and First Brands have resulted in significant financial losses and legal claims for regional banks and asset managers. Zions Bancorporation reported a $50 million charge-off, while JPMorgan Chase disclosed a $170 million loss related to Tricolor. Jefferies is also affected, with a fund owed $715 million due to First Brands' collapse. The market responded negatively, with shares of Zions, Western Alliance, and Jefferies experiencing double-digit declines. Analysts caution that the reliance on non-bank lending, a key factor in U.S. loan growth for 2025, may heighten the risk of financial contagion.