NEW YORK ( TheStreet) -- Financial stocks were trading down on Wednesday despite a broader market rally. The Financial Select Sector SPDR ( XLF) was down 2 cents to $15.99. The big winner Wednesday was M&T Bank ( MTB - Get Report), which was trading up $1.07, at $87.85, on news that a Citigroup ( C), analyst raised his estimates on the bank as a result of its impending deal with Wilmington Trust ( WL). The biggest loser of the day is American International Group ( AIG - Get Report), which is trading down $1.62 to $57.31. It was reported that the insurer paid out $145 million in a multi-state workers compensation probe settlement and also failed to report $18.7 billion of policyholder guarantees at two property-casualty subsidiaries in 2008. AIG saw gains earlier this week after announcing 36 banks had lined up to offer it a $4.3 credit line. Losers also include Goldman Sachs ( GS - Get Report) and Morgan Stanley ( MS - Get Report), which had their estimates cut by Calyon Securities analyst Mike Mayo. Mayo lowered the banks' fourth quarter estimates on prospects for weaker fixed-income, currency and commodity revenue. Goldman's stock was trading down $1.57 at $167.73. Morgan Stanley was down 29 cents at $27.37. --Written by Maria Woehr in New York. To contact the writer of this article, click here: Maria Woehr. To follow the writer on Twitter, go to http://twitter.com/newsgirlmw. To submit a news tip, send an email to: email@example.com.