The FTSE 100 Index fell 34.30 points, or 0.6%, to 5,621 points today as financials weighed on the market.
Alliance & Leicester lost 0.86% to 1,154p, despite reporting net mortgage lending rose to £1.4bn in the first quarter.
Royal Bank of Scotland dropped 0.78% to 1,772p and Bradford & Bingley declined 1.96% to 449.50p.
HSBC bucked the trend, rising 0.16% to 935.50p, after Lehman Brothers upped the firm to 'overweight' with a 1,020p target.
Xstrata rose 0.11% to 1,895p, fuelled by talk of a three way tie up between the company and Canadian outfits Inco and Falconbridge.
Antofagasta also rose 1% to 1,911p and Anglo American gained 0.36% to 1,943p, shrugging off concerns higher interest rates will harm growth prospects.
In the US, the Dow Jones industrial average is down 26.00 points, or 0.24%, at 10,865.92 points amid persisting concerns about higher interest rates.
Monster Worldwide has fallen 6.7% to $39.20 after it disclosed inquiries into its stock options grants.
Investment bank Lehman Brothers has fallen 4.9% to $62.39, despite saying quarterly earnings rose 47% as a result of sharp gains in revenue from trading and investment banking.
Shares of Walt Disney have dropped 2.9% to $28.48 after MarketWatch reported Citigroup cut its rating.
General Motors is helping to limit losses, advancing 3.2% to $26.16. Bankrupt auto parts maker Delphi announced a deal with the United Auto Workers union late on Friday, which was seen as a step toward avoiding a strike which would cripple production at GM, Delphi's biggest customer.IFAonline
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