Updated from 2:37 p.m. EDT

Financial stocks joined the rest of the market's tumble into the red Thursday, and among those on the dense losing side was

ABN Amro

( ABN).

The Dutch-based bank lost 2.5% to $46.54 after its chief financial officer, Hugh Scott-Barrett, decided to resign effective Aug. 1, having refused the new position he was offered in connection with ABN's




(BCS) - Get Barclays PLC Sponsored ADR Report

. Huibert Boumeester will replace him.



Financial Sector Index, of which ABN is a component, recently plunged 152.90 points, or 1.5%, to 9767.87. Meanwhile, the KBW Bank Index was losing 1.77 points, or 1.5%, to 116.40.

Redwood Trust

(RWT) - Get Redwood Trust, Inc. Report

, a California-based real estate investment trust, posted falling first-quarter "core" earnings of $1.08 a share, compared with $1.16 a year ago. That misses the mean Wall Street estimate by 13 cents, according to Thomson Financial. Shares declined 4.2% to $49.65.

Houston-based asset manager

Sanders Morris Harris

( SMHG) dropped 5.1% to $12.82 after missing first-quarter per-share profit targets by 4 cents, and

ACA Capital

(ACA) - Get Arcosa Inc Report

, based in New York, saw a year-over-year decline in GAAP-based income and was short of revenue estimates. Shares shed 5% to $12.84.

Elsewhere, Baltimore asset manager

Legg Mason

(LM) - Get Legg Mason, Inc. Report

was hit with a Wachovia downgrade to market perform from outperform on the heels of Wednesday's earnings release. Shares fell 4.2% to $98.65.



TheStreet Recommends

(MA) - Get Mastercard Inc. (MA) Report

started off strong after an analyst with Stifel Nicolaus upped the credit-card company to hold from sell, citing his belief that MasterCard has raised its payment-processing fees. But, more recently, shares pulled back 0.5% to $138.82.

Among the many other sinking financial stocks today, online broker


(MKTX) - Get MarketAxess Holdings Inc. (MKTX) Report

was down 7.8% to $16.26,

National City

( NCC) slid 3% to $35.24, and

Charles Schwab

(SCHW) - Get Charles Schwab Corporation Report

lost 2.7% to $1.93.

On the other hand, Minneapolis-based payment-services firm

Moneygram International

(MGI) - Get MoneyGram International, Inc. Report

added another 5 million shares to its stock buyback program, lifting shares by 2.8% to $29.43, and

Endurance Specialty


boosted its own stock-repurchase program eightfold to 16 million shares. The Bermuda-based insurer was up 1.4% to $37.56.

Other rare financial winners Thursday included credit-card company

Capital One

(COF) - Get Capital One Financial Corporation Report

, up 1.1% to $76.15, and online broker


(ETFC) - Get E*TRADE Financial Corporation Report

, up 1.5% to $23.37. Asset manager

Value Line

(VALU) - Get Value Line, Inc. Report

rose 2.8% to $52.29 earlier in the day but closed down 0.6% $50.55.