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) -- Financial stocks sunk after several U.S. banks reported earnings Wednesday that either disappointed or fell short, creating few winners in the financial sector.


Financial Select Sector SPDR

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fell 30 cents, to $16.32, in early afternoon trading.

The drop was led by

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report


reported that 2010 earnings

fell 61% from a record-breaking 2009 as trading activity slowed. Goldman's stock fell $5.08 to $169.63.

State Street Corp.

(STT) - Get State Street Corporation Report

stock plummeted $2.00 to $48.06 after releasing earnings that topped analysts' expectations by a penny, but reported a

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profit decline

in the fourth quarter due to a "repositioning" of its portfolio.

American Express

(AXP) - Get American Express Company Report

stock also dropped $1.45 to $44.94 after the company

announced it would record

a $113 million pre-tax charge in the fourth quarter as a result of a restructuring that would cost 550 employees their jobs.

U.S. Bancorp

(USB) - Get U.S. Bancorp Report

shares fell 94 cents to $26.37 after announcing fourth quarter earnings. The bank beat analysts' estimates for the

fourth quarter of 2010

with net income of $974 million, or 49 cents per share, and total net revenue of $4.7 billion. Analysts' consensus was that the bank would report a profit of 46 cents a share on $4.52 billion in revenue.

Wells Fargo's

(WFC) - Get Wells Fargo & Company Report

stock slipped down 75 cents to $31.74 even though earnings came right in line with

Wall Street expectations.

Bank of New York Mellon

(BK) - Get Bank of New York Mellon Corporation Report

shares fell 13 cents to $31.89 after the bank missed

Wall Street's fourth quarter earnings expectations,

but still kept its quarterly dividend stable at 9 cents per share.


(C) - Get Citigroup Inc. Report


struggled to stay in the positive

Wednesday after announcing CEO Vikram Pandit promoted John Havens to president and chief operating officer in an effort to align executive responsibilities with Citi's restructured business lines. The stock was down two cents at $4.78.

The winner of the day was

Deutsche Bank

(DB) - Get Deutsche Bank AG Report

which reported that its acquisition of Postbank will post slightly positive pretax profit in the fourth quarter. The bank's profit will take a writedown of about $134 million, according to


The bank's stock was up 20 cents at $58.41.

--Written by Maria Woehr in New York.

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