The six largest Wall Street banks have lost almost $165bn in market capitalisation this month, or 13 per cent of their combined value, hit by worries over Credit Suisse’s financial strength and the fallout from the largest US bank failure since 2008.

Shares of Citigroup and Morgan Stanley suffered the biggest sell-off on Wednesday, while Bank of America shares fell to a more than two-year low. Investors said the three banks plus Goldman Sachs, JPMorgan Chase and Wells Fargo are being hurt by predictions that profits will be squeezed.

Investors do not think the largest US lenders will suffer the same fate as Silicon Valley Bank, which was forced to sell a portfolio of securities at a $2bn loss after customers pulled out their cash. Indeed, the bigger banks are experiencing an influx of deposits as customers seek safety amid fears over the health of smaller regional players.