Wells Fargo: Financial Loser

NEW YORK ( TheStreet) -- Wells Fargo ( WFC) was the loser among large financial stocks Friday, with shares sliding over 1% to close out the week at $27.93.

The broad indexes declined, after the House of Representatives delayed a vote on a budget proposal by House Speaker John Boehner to cut federal spending by nearly $1 trillion and lift the debt ceiling. President Obama followed up with an address to the nation , urging Americans to pressure members of Congress to get a move on.

The KBW Bank Index ( I:BKX) declined slightly to close at 46.01, with 20 out of 24 index components down for the session.

Shares of Regions Financial ( RF) were also down over 1% to close at $6.10. The Birmingham, Ala., lender is peddling its Morgan Keegan subsidiary, with Stifel Financial ( SF) and Raymond James ( RJF) still in the running, according to SNL Financial.

Bank of America ( BAC), saw its shares decline 1% to $9.71 after the company was sued by an investor group that included the California Public Employees' Retirement System and funds managed by BlackRock ( BLK) and T Rowe Price Group ( TROW), over claims on securities backed by Countrywide mortgages.

Other large banks seeing shares decline 1% Friday included Comerica ( CMA), which closed at $32.04; Cullen/Frost Bankers ( CFR), closing at $53.84; State Street ( STT), at $41.48; and Zions Bancorporation ( ZION), which closed at $21.90.


-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.