Updated with market close information.

NEW YORK (

TheStreet

) --

Deutsche Bank

(DB) - Get Report

was the loser on a weak Monday for the financial sector, with shares plunging 12% to close at $41.41, following

MF Global's

(MF)

bankruptcy filing

.

Trading for MF Global's shares was suspended as the company and its Global Finance units filed for chapter 11 bankruptcy according to a petition filed to the Federal Bankruptcy Court in New York.

According to the bankruptcy filings

, JPMorgan Chase

(JPM) - Get Report

was MF Global's largest creditor, with $1.2 billion in exposure, followed by Deutsche Bank, with claims against the commodities and derivatives broker of over $1 billion.

JPMorgan's shares fell over 5% to close at $34.76.

An earlier deal for

Interactive Brokers

(IBKR) - Get Report

to purchase MF Global fell apart, according to the Wall Street Journal. Interactive Brokers bucked the sector trend, with shares rising 1% to close at $15.38.

The

KBW Bank Index

(I:BKX)

dropped over 4% to close at 40.09, with all 24 index components showing declines in the wake of the MF Global filing and

renewed fears over Europe

.

Rumors surrounding the plans to leverage the Eurozone Financial Stability Fund also pressured other large European banking names, including BNP Paribas, which declined 10% to $32.85;

ING Goep

(ING) - Get Report

, which was also down 10% to $8.64, and

UBS AG

(UBS) - Get Report

, which declined 9% to close at $12.62.

Shares of

Morgan Stanley

(MS) - Get Report

dropped 9% to close at $17.64, as the shares continued pulling back from Thursday's 17% pop.

Large banks seeing shares decline 8% on Monday included

Citigroup

(C) - Get Report

, closing at $31.59, and

Regions Financial

(RF) - Get Report

, which closed at $3.94.

Shares of

Bank of America

(BAC) - Get Report

declined 7% to close at $6.83.

Big U.S. banking names seeing 5% declines included

Bank of New York Mellon

(BK) - Get Report

, which closed at $21.28;

Huntington Bancshares

(HBAN) - Get Report

, at $5.18;

Goldman Sachs

(GS) - Get Report

, at $109.55; and

Zions Bancorporation

(ZION) - Get Report

, closing at $17.36.

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--

Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here:

Philip van Doorn

.

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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.