After weeks of worrying that lower interest rates will squeeze bank profits, investors confronted a still more alarming possibility on Monday: that a collapse in oil prices could trigger a wave of defaults by borrowers.
By the end of the day, US bank shares had chalked up their worst single-session performance since 2009 and the industry was a big contributor to a global stock market rout.
The four biggest US banks, JPMorgan Chase, Bank of America, Citibank and Wells Fargo all fell between 12 and 16 per cent, destroying some $120bn of market value. The industry has now erased all of its stock market gains dating back to October 2016.
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