A picture says 1,000 words:
That is the chart of XLF since 1999.
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Today, several major negative stories come again out of Europe. Deutsche Bank' Chief Executive Josef Ackermann warned that "prospects for the financial sector are constrained by the mounting debt burden of sovereign and private debtors and that Germany's largest bank might need to shed jobs if the negative market trend from August continues".
DB needs to "consider job cuts if markets don't improve in September and beyond,"
Dexia is considerign splitting is it does not seem to have enough capital. It, and the French banks, are resisting the new "plan" to increase greek bond holders losses.
"Dexia, BNP Paribas SA and Societe Generale SA are resisting pressure from regulators to accept more losses on their holdings of Greek government debt amid criticism they haven’t written down the bonds sufficiently. " (Bloomberg)