Financial Winners & Losers: BofA

Financial stocks were among the worst performers on what was another ugly day for the U.S. stock market.

The KBW Bank Index sank 10.6%, and the NYSE Financial Sector index surrendered 8.9%. The Amex Securities Broker/Dealer dropped 9%.

Stocks across the board were hammered. Merrill Lynch (MER Quote - Cramer on MER - Stock Picks) and Morgan Stanley (MS Quote - Cramer on MS - Stock Picks) both sank 25%, and Goldman Sachs (GS Quote - Cramer on GS - Stock Picks) slumped 7%. AIG (AIG Quote - Cramer on AIG - Stock Picks) gave back more than 9%.

Bank of America (BAC Quote - Cramer on BAC - Stock Picks), which was aiming to raise $10 billion in a stock offering, sank 26%. The company also said, following the close Monday, that it was cutting its dividend and that third-quarter earnings fell sharply from the same period last year.

Elsewhere on the Dow Jones Industrial Average, JPMorgan Chase (JPM Quote - Cramer on JPM - Stock Picks) and Citigroup (C Quote - Cramer on C - Stock Picks) had double-digit losses. American Express (AXP Quote - Cramer on AXP - Stock Picks) declined 6%.