The implosion of family office Archegos Capital wiped off more than $6bn from the world’s largest investment banks' equities business, as stock trading units were at the sharp end of job cuts despite a surge in revenues in the first three months of the year.

The stock trading units of the 12 biggest investment banks would have made $17.7bn in the first three months of the year, an increase of 63%, according to analysis by research firm Coalition. However, the implosion of Bill Hwang’s family office, which rocked Wall Street and European banks with a $10bn margin call in March, means that gains shrunk to 6%, or $11.5bn in revenues.