Shares of Citigroup and Bank of America fell in premarket trade on Friday on the fear that the banks would be nationalized, according to traders.

There's that fear that we nationalize banks and this market gets killed, said Matt McCall, president of Penn Financial Group in Ridgewood, New Jersey

Citigroup slid 5.2 percent while Bank of America lost 5.9 percent.

The Frankfurt-listed shares of the banks also fell, with traders and analysts citing fears that big U.S. banks could be nationalized.

(Reporting by Ryan Vlastelica; Editing by Theodore d'Afflisio)