Japan Banks: Financial Winners & Losers

(Updated to include change in share prices at market close; and comeback of BofA.)

NEW YORK ( TheStreet) -- Thursday's market rout was unkind to the big-name financials, and the story was much the same on Friday. Bank of America ( BAC) was the only major financial stock to eek out a gain at the close, though calling a rise of 0.06% a gain shows just how bad things went for financials today.

John Paulson of Paulson & Co. predicted that Bank of America's value would double in two years time earlier this week. After today's less than 0.1% gain, his bullish call still faces an uphill battle.Looking for other positives, the losses at Morgan Stanley ( symbol) and Lazard ( symbol), financials that led Thursday's retreat , were much smaller, down 0.6% and 0.7% respectively.

Lazard, which received a ratings upgrade to 'buy' from Pali Capital, was trading up for most of the morning, though by mid-day it had gone back into negative territory on a percentage basis. Morgan may have received a little help from the announcement that it had finally unloaded an albatross of a real estate investment on Barclays Capital.
Most Popular
Apple's Decade: How It Can Hit $500
Most Commented
Biotech Stock Mailbag: FDA Playbook

The real winners, however, were the Japanese financials, with Nomura Holdings ( NMR) up over 6% and Mitsubishi UFJ Financial ( MTU) up over 3.5% at the close.

Mitsubishi announced plans yesterday to raise $1 trillion yen in new shares to shore up its Tier 1 capital structure, the largest ever share-offer in the Japanese market, which actually helped to push the Japanese market down yesterday. The company announced today that it will form an intermediate holding company separate of its larger financial conglomerate and Mitsubishi UFJ Securities.

The long list of losers continued to feature the sector's biggest names, with Deutsche Bank ( DB) and Goldman Sachs ( GS) performing the worst in Friday's session, down 2.7% and 1.6% respectively.

Citigroup ( C) was down 1.4%; while JP Morgan ( JPM) and Credit Suisse ( CS) were down 0.2% and 0.3% respectively.

The financial sector was down 0.55% for the day, almost double the S&P loss of 0.32%.

-- Reported by Eric Rosenbaum in New York

Follow TheStreet.com on Twitter and become a fan on Facebook.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More from Investing

Immigration, Instagram and Oil - Here's What You Can't Miss Wednesday

Immigration, Instagram and Oil - Here's What You Can't Miss Wednesday

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists

This Should Be Your Retirement Savings Plan When the Stock Market Crashes

This Should Be Your Retirement Savings Plan When the Stock Market Crashes