Big banks leading the Australian sharemarket may be coming to an end, global asset managers warn, on the back of $30bn being wiped from Commonwealth Bank’s value on Wednesday.

Commonwealth Bank, CSL, Cochlear – ASX heavyweights and once investor favourites – are getting their reckonings.

Big banks leading the Australian sharemarket may be coming to an end, global asset managers warn, on the back of $30bn being wiped from Commonwealth Bank’s value on Wednesday.