Early morning gains in financials were lost this afternoon as the sector sank 10.78%, dragging the FTSE 100 down almost 30 points (0.66%) to 4,119.8.
Hardest hit was RBS, which nosedived more than 23p (68.3%) to 11p, after revealing it anticipated unprecedented losses to be announced next month while the Government looks to take a 70% stake in the bank.
Fears of further nationlisation impacted Barclays, which shed almost 10% to 88.3p, while Lloyds TSB, HSBC and Standard Chartered also struggled, falling 31%, 12.69% and 11.85% respectively.IFAonline
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