Thursday's Financial Winners & Losers

Updated from 2:37 p.m. EDT

Financial stocks joined the rest of the market's tumble into the red Thursday, and among those on the dense losing side was ABN Amro (ABN Quote).

The Dutch-based bank lost 2.5% to $46.54 after its chief financial officer, Hugh Scott-Barrett, decided to resign effective Aug. 1, having refused the new position he was offered in connection with ABN's merger with Barclay's (BCS Quote). Huibert Boumeester will replace him.

The NYSE Financial Sector Index, of which ABN is a component, recently plunged 152.90 points, or 1.5%, to 9767.87. Meanwhile, the KBW Bank Index was losing 1.77 points, or 1.5%, to 116.40.

Redwood Trust (RWT Quote), a California-based real estate investment trust, posted falling first-quarter "core" earnings of $1.08 a share, compared with $1.16 a year ago. That misses the mean Wall Street estimate by 13 cents, according to Thomson Financial. Shares declined 4.2% to $49.65.

Houston-based asset manager Sanders Morris Harris (SMHG Quote) dropped 5.1% to $12.82 after missing first-quarter per-share profit targets by 4 cents, and ACA Capital (ACA Quote), based in New York, saw a year-over-year decline in GAAP-based income and was short of revenue estimates. Shares shed 5% to $12.84.

Elsewhere, Baltimore asset manager Legg Mason (LM Quote) was hit with a Wachovia downgrade to market perform from outperform on the heels of Wednesday's earnings release. Shares fell 4.2% to $98.65.