Financial Winners & Losers: Morgan, Citi - TheStreet

Financial Winners & Losers: Morgan, Citi

It is looking like a mixed day for the financial sector on Wednesday, with some big U.S. financials like Morgan Stanley, Citi and JPMorgan declining, while overseas banks rise and the sector as a whole eeks out a minor gain.
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) -- Some of the biggest financial players in the U.S., including


(C) - Get Report


Morgan Stanley

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, were losers at mid-day Wednesday, while the stock price of several large European financial institutions rose at the end of the London business day.

Morgan Stanley was the biggest loser, down 2.5% at mid-day, possibly on news reports that potential buyers of the 31% stake in China International Capital that Morgan Stanley is selling are low-balling the Wall Street firm in offers. Morgan is pulling out of the investment so it can focus on the creation of a new bank with China Fortune Securities.

Citigroup and

JPMorgan Chase

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were both down approximately 1% at mid-day, a general dip that was also experienced by

Goldman Sachs

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Bank of America

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; and

Wells Fargo

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Allied Irish Banks




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HSBC Holdings



Deutsche Bank

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were all up at mid-day in New York.

Among the overseas players, it was Ireland's day.

The Bank of Ireland


was up more than 3% in the European afternoon. Allied Irish was up 1.7%.

Allied Irish's CEO Eugene Sheehy told a conference on Wednesday afternoon that the bank had adequate funds to meet customer demand even after an expected transfer of funds to a new national financial risk pool. Sheehy also denied reports that the bank would be pulling out of its profitable business in Poland.

On the whole, it looks like a mixed day for financials, with the sector gaining 0.4% at mid-day.

-- Reported by Eric Rosenbaum in New York

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