Judging by its reaction to Zions Bancorp.'s $5.9 billion agreement to buy First Security Corp., Wall Street may be souring on banking consolidation.

Zions is widely respected, and it estimated that savings and additional revenue from the deal would exceed the premium being paid by 10% in the first year. Yet Zions' share price fell 10% Monday, the first trading day after the deal was announced, and another 1.65% Tuesday, to $57.625.

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