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Big Banks: European Summit Losers

Updated with market close information.

NEW YORK ( TheStreet) -- Morgan Stanley (MS - Get Report) ended up the loser among the largest U.S. banks on Monday, with shares sliding over 6% to close at $15.38.

Investors were looking for more details on the plan agreed to on Friday by all 27 European Union members, except Britain, for tighter budget rules, to limit the risk of future debt crises. British Prime Minister David Cameron vetoed a new European treaty on Friday, after failing to get concessions from other members, including safeguards for Britain's financial services sector. Cameron in a statement to Parliament said he was forced to reject the new treaty, after other EU members rejected "modest" safeguards for Britain's financial services industry.

The KBW Bank Index (I:BKX) ended the day down 2.5%, closing at 38.17, with all 24 index components showing declines, except for the strongly capitalized People's United Financial (PBCT - Get Report), which was up 1% to $12.59.

People's United has a dividend yield of 5.08%, based on a quarterly payout of 16 cents a share.

Shares of Citigroup (C - Get Report) declined over 5% to close at $27.22.

Bank of America (BAC - Get Report) was down nearly 5%, closing at $5.45.

Large U.S. banks seeing 3% declines included Goldman Sachs (GS - Get Report), which closed at $98.11; Bank of New York Mellon (BK), at $19.1; Comerica (CMA), at $25.8; JPMorgan Chase (JPM - Get Report), at $32.06; and Regions Financial (RF - Get Report), closing at $4.00.

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-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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C $53.98 0.41%
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MS $37.74 0.61%

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