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Updated from 1:54 p.m. EDT
Banks lost ground at the start of the new week, with the KBW Bank index shedding 4.9%, as investors awaited more details on the so-called stress tests.
Among the day's headlines, former Merrill Lynch chief John Thain said he was unfairly blamed by Bank of America(BAC Quote) CEO Ken Lewis for controversial decisions, such as billions of dollars in bonuses that were given out as the company faced massive losses, The Wall Street Journal reported.
BofA and JP Morgan Chase (JPM Quote) gave up 1.9% and 1.8%, respectively, after visiting positive territory early on. Citigroup(C Quote) shares lost 3.8% to $3.07, and Wells Fargo shares decreased 5.1% to $20.30.
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