Updated from 3:03 p.m. EDT

Financial stocks extended losses Friday, after JPMorgan Chase ( JPM) CEO Jamie Dimon said March has been "a little tough" in a television interview following a White House meeting with President Barack Obama and 14 other bank CEOs.

Stocks had been sliding all day, as investors took profits following Thursday's rally, but after Dimon's comments in a CNBC interview, the NYSE Financial Sector Index closed down 3.6% to 2,954.

Obama summoned the CEOs to discuss the administration's plans to shore up the financial system. Press Secretary Robert Gibbs said Obama urged the executives to deal with the bad assets they own so they can resume lending money to businesses and consumers.

Gibbs says the president emphasized that Wall Street needs Main Street and vice versa. The meeting comes as the industry has come under fire from the public and politicians over bonus payments made to executives at bailed out companies like AIG ( AIG).

JPMorgan shares closed down 5.8% to $2740. Citigroup ( C) shares closed 6.8% lower to $2.62. Bank of America ( BAC) shares finished off 3.2% to $7.342. Wells Fargo ( WFC) shares closed down 2.3% to $15.59.

Goldman Sachs ( GS) shares finished off 3.5% to $108.08 and Morgan Stanley ( MS) fell 5.1% to $24.35.

State Street ( STT) was among the few winners, as the stock added 1.6% to $30.61.
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