More than $100bn of deposits pulled by customers from First Republic last month amid wider turmoil in the banking industry, the California-based lender revealed on Monday, sending its shares down by as much as 20 per cent.

Deposits held by First Republic fell by $72bn during the first quarter, a decline of 40 per cent, although that included a financial lifeline from large US lenders that parked $30bn in their accounts in an attempt to shore up confidence in the ailing bank.

US bank also stated that its deposits fell by over 40% since the end of December. It came after Swiss banking giant Credit Suisse yesterday revealed the scale of the bank run that triggered its state-backed rescue last month. A series of bank collapses have raised fears of a crisis in the sector.

Central banks around the world - including the US Federal Reserve and the Bank of England - have sharply increased interest rates as they try to curb inflation.

The moves have hurt the values of the large portfolios of bonds bought by banks when rates were lower. This contributed to the collapse of Silicon Valley Bank and has raised questions about the situation of other firms.