The S&P 500 banks index (.SPXBK) has slumped some 11% this month against a 5.5% drop for the broader index (.SPX) in the same period.
While bank stocks have traded broadly in line with the S&P 500 throughout the year, their decline accelerated in recent weeks, with the S&P 500 bank index now off over 24% in 2022.
The S&P 500 is down 19% year-to-date, on pace for its biggest annual percentage drop since 2008.
Expectations of a slowdown led Todd's firm to sell some of its bank shares earlier this year.
King Lip, chief strategist at Baker Avenue Wealth Management, said his firm recently bought bank stocks, convinced that any hit to U.S. growth will likely be moderate.