Us Banks scaled back lending to European companies during a novel coronavirus pandemic, heightening fears that Wall Street could be quietly retreating to its home market and repeating a pattern set during the global financial crisis, the financial times reported Monday.

In recent weeks, us Banks have become more cautious in reviewing bilateral and syndicated loans to large European corporate clients, according to reports from bankers, advisers and executives.

In Germany, jpmorgan recently walked away from talks to extend an additional credit line to basf, the world's largest chemicals group, according to people involved in the deal. Meanwhile, of the 3 billion euros in state-backed loans to sportswear giant adidas, U.S. Banks lent only half as much as the other six international Banks.

In addition, Goldman sachs this month participated in a €3.5bn syndicated loan to italian-us carmaker fiat Chrysler, but did not participate in a similar €12bn facility with Daimler, the German carmaker and a long-time client of the bank, leaving other Banks to fill the gap.

"We are increasingly observing the 'America first' attitude of the big us Banks," said one adviser directly involved in the negotiations between Banks and German companies. "these are not exceptions, there is a clear pattern."

In the first quarter of this year, the combined market share of the five big us Banks in syndicated loans in Germany fell by more than a third to 14.6 per cent, according to luft data, and that is for the early stages of the new epidemic.

"Every bank is under pressure from national regulators, which showed a huge local bias during the crisis," says jan Peter krann, director of the centre for financial studies at the university of Frankfurt. "this has greatly affected risk management and regional exposure, to the detriment of foreign clients."

The trend has drawn the attention of European regulators. "We have received many signals that foreign Banks are starting to exit the German market," said a senior regulatory official. "We can't force them to lend."

In the UK, although jpmorgan is the SSP's corporate broker, it pulled out of a £324m debt and equity rescue recently arranged for the airport franchisee, leaving only a handful of UK Banks in the syndicate, the report said.

Jpmorgan and bank of America turned down a request for a short-term loan for infurman, the convention and publishing group, and did not participate in underwriting a £1bn rights issue, despite bofa having been the UK company's broker for a decade. It also declined to participate in a potential capital-raising deal for Cineworld, the troubled cinema operator.