Bank of America: Financial Winners & Losers

NEW YORK(TheStreet) -- All things financial begin and end with Bank of America(BAC Quote) today. Shares were bidding lower by nearly 4% in the afternoon, a few hours after the embattled bank said it swung to a loss in the third quarter.

Bank of America said it lost $2.2 billion, or 26 cents per share. The loss landed at a more slender $1 billion if deducting preferred dividend payments. Credit quandaries continued to hit the Charlotte-N.C.-based bank, as net charge-offs swelled to $9.6 billion during the quarter. The bank's portfolio of nonperforming loans also grew to 3.72% of the total book, while the bank injected another $2.1 billion into its loan reserves.

With the report being blamed, in part, for helping move market sentiment into the doldrums today, Bank of America shares were changing hands at $17.39, down 71 cents, at midday.

The earnings report, though, comes at the end of a string of banking releases this week. Thursday brought news from Goldman Sachs,(GS Quote) which posted its own third quarter earnings beat at $5.25 per share. Still, the bank also reported a revenue slide from the immediately preceding quarter.

Thursday also put Citigroup(C Quote) in the spotlight, as the bank reported a 27-cent per share loss on slightly better-than expected revenue. But the showings by the two banks failed to impress and maintain momentum built from JPMorgan Chase's(JPM Quote) blowout earnings beat on Wednesday.