Stocks declined sharply today, with the KBW Banking Index falling 6.42% and the KBW Regional Banking Index down 4.37%. The S&P 500 Index was down 4.66%.

The Bank Index was led by Citigroup, Capital One, and Fifth Third Bancorp, which were down 20.00%, 16.18%, and 16.11%, respectively. Leading the Regional Banking Index lower were South Financial Group, East West Bancorp, and Colonial Bancgroup, which were down 19.84%, 15.05%, and 13.33%, respectively.