Higher loan losses weighed on quarterly results at a clutch of US regional banks on Tuesday amid continued consumer weakness and turbulence in financial markets.

Ohio’s largest banks all suffered losses. National City said it planned to cut about 4,000 jobs, or 14 per cent of its workforce, over the next three years after the bank posted a net loss of $729m, or 85 cents a share. Fifth Third reported a quarterly loss of $56m, or 61 cents per share, and KeyCorp lost $36m, or 10 cents per share.