BofA: Financial Winners and Losers

NEW YORK (TheStreet) -- Bank of America (BAC Quote) was among the losers of the financial sector Thursday, along with Citigroup (C Quote) and American International Group (AIG Quote), a day after reports surfaced that the U.S. pay czar will limit pay for their top executives.

Late Wednesday, news surfaced that Obama administration pay czar Kenneth Feinberg would crack down on excessive compensation at the country's most troubled financial firms.

According to a report Wednesday in The New York Times, the Treasury Department is planning to announce overall pay cuts of 50%, on average, compared with 2008, for the best-paid executives at bailed-out banks like BofA, Citi and AIG, along with automakers General Motors and Chrysler and their financial arms. Salaries, excluding bonuses and retirement packages, are set to be chopped by 90%, the report said.

BofA was lately down 0.4% to $16.44. Citigroup slipped by a penny to $4.41. AIG was losing 3% to $37.86.

Among financial companies out with quarterly reports Thursday, Fifth Third Bancorp (FITB Quote) reported a third-quarter loss of $159 million, or 20 cents a share, compared with a loss of $81 million a year ago. Analysts were looking for a loss of 17 cents a share in the September period, on average, according to Thomson Reuters.

However, Fifth Third charged off $756 million worth of loans it doesn't expect to be repaid, while nonperforming loans climbed to 3.75% of Fifth Third's loan book, compared with 3.17% sequentially.