in layman's terms
there is a roving band of short selling acting in concert to short regional bank stocks.
They are operating under the thesis that the banks are not well enough reserved due to accounting rule changes that prevented banks from filling up the cook jar during the last cycle.
When the economic cycle turns as is now happening the banks are caught undercapitalized because they used the cash to buy back stock or make aquisitions during the last 3 years.
The ways of raising capital are to raise capital or cut your dividend both bad for stock price.
They are massively shorting entire groups of these stocks and ferreting out the weak hands among the companies like FITB this process becomes a self fulfilling prophecy.
The long only managers know this is going on and thus don't want to risk catching the falling knife that the short sellers are creating.
To make it worse the short sellers find their targets by running screens of regional banks that haven't raised capital and that have fat dividends. Amazingly these are sometimes the best banks like BBT, ASBC, USB, etc, the ones that don't need capital but in this market that does not matter because longs don't have conviction in their own macroeconomic analysis.
The back pain from too much cash to carry? They reaffirmed the dividend and the stock sank another 2 percent. I guess traders are saying this is prolonging the inevitable and are continuing to run for the exits.