Wednesday's Financial Winners & Losers

National City (NCC Quote) was one of the financial sector's most notable losers Wednesday as the Cleveland bank set plans to slice its dividend nearly in half and close its wholesale-mortgage division.

The company's shares fell 4.3% to $15.75 on word its quarterly payout would be cut to 21 cents a share from 41 cents.

"Today's environment requires aggressive steps to overcome the near-term challenges facing the industry and our company, while positioning our businesses to continue delivering solid performance," said National City Chairman, President and CEO Peter E. Raskind, in a press release.

At the same time, National City has shut down its wholesale mortgage division, a move that others in the industry have already made, resulting in the elimination of 900 jobs.

On a day when the entire market was weaker, Citigroup (C Quote) wasn't able to take advantage of positive comments from Punk Ziegel analyst Richard Bove, and it fell 1.2% to $29.08.

Bove said the stock is worth buying because of its global capabilities, even as concerns about its dividend and capital position linger.

His remarks came the same day that a CNBC report said the New York financial-services giant could be planning to cut 5% to 10% of its workforce.

Elsewhere, London's HSBC (HBC Quote) has reached a deal to sell its Wealth & Tax Advisory Services USA unit to a group of the division's managers.