Financial Winners and Losers: Wells Fargo

Financial stocks continued their seemingly endless slide Friday morning, amid a dismal jobs report and Wells Fargo's dividend cut.
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Updated from 2:55 p.m. EST

Financial stocks continued their seemingly endless slide Friday, as the economy lost another 651,000 jobs and

Wells Fargo

(WFC) - Get Report

became the latest big bank to slash its dividend to preserve capital.

Wells Fargo

slashed its dividend to 5 cents a share from 34 cents, enabling the bank to retain an additional $5 billion in common equity in 2009. It follows similar recent moves by

US Bancorp

(USB) - Get Report

,

JPMorgan Chase

(JPM) - Get Report

,

Citigroup

(C) - Get Report

and

PNC Financial Group

(PNC) - Get Report

.

Still, Wells But President and CEO John Stumpf said operating results at the bank for the first two months of the year are "strong," and shares rose 6% to $8.61.

The dismal, but expected,

jobs report

was weighing on stocks in general. Nonfarm payrolls were falling by 651,000 and unemployment reached 8.1%, the highest level since 1983.

JPMorgan Chase shares fell 4% to $15.93. US Bancorp was off 2.1% to $8.82. PNC shares lost 7.5% to $18.51.

Citi

, which briefly dipped below $1 in trading Thursday, was flat at $1.03.

Bank of America

(BAC) - Get Report

was off 1% to $3.14.

American Express

(AXP) - Get Report

fell as low as $9.71, which it last traded at 14 years ago, but more recently was down 0.7% to $10.26.

The NYSE Financial Sector Index was down 0.8% to 2,130.

This article was written by a staff member of TheStreet.com.