JPMorgan Chase’s takeover of most of Washington Mutual, the collapsed lender that became the US’s biggest bank failure on Thursday, failed to soothe market nerves on Friday as investors worried about future casualties of the financial crisis.

As JPMorgan celebrated becoming the biggest US bank after buying WaMu’s assets and branches for just $1.9bn, financial stocks were hit by widespread selling amid concerns that others could soon join the 13 US lenders that have failed this year.