Some of the biggest institutional holders of bank stocks were dumping shares in the months before the market downturn.

In the second quarter, as turmoil in Asia deepened and the rate environment worsened, NationsBank Corp. cut bank stock holdings 5.7%, to $5.8 billion; Travelers Group Inc. 4.8%, to $6.5 billion; and American Express 3.1%, to $4.0 billion, a quarterly American Banker survey shows.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.