Wednesday's Financial Winners & Losers

Updated from 2:26 p.m. EDT

The financial sector was mostly pulled down along with the major indices Wednesday, as inflation worries were stoked by rising gas prices and a further decline in U.S. reserves.

Citigroup (C Quote) confirmed today it will slash some 17,000 jobs. The cuts are part of a larger restructuring effort that ultimately is projected to save around $2.1 billion in 2007.

Yesterday, the banking giant's stock lifted on reports the job cuts would happen soon, but growing skepticism regarding the plan helped erase those gains today. Shares lost 60 cents, or 1.2%, to $51.80. ...