Financials falter on $1bn Bank of America loss

Financial stocks are struggling this afternoon following Bank of America's announcement it suffered a $1bn (£612m) net loss in Q3.

BoA's share price has fallen 4.54% today, after the company reported a $9.6bn bad debt write-down, which was higher than forecast. It has dampened optimism in the financials sector, which was buoyed by positive news from Citigroup, Goldman Sachs and JPMorgan Chase earlier in the week. It has led to sector losses early - with Citi 2.74% down, Goldman 2.24% lower and JPM 1.02% behind. Wells Fargo has fallen 4.4%. In the UK - Barclays, HSBC and RBS are all more than 2% lower. Lloyds is bucking the trend however, up 2.09%.