Shares of financial firms in the S&P 500 were down 3% in recent trading, worse than any other sector of the broad benchmark. Morgan Stanley, State Street and Fifth Third Bancorp were among the biggest losers, all shedding more than 4%.

The same played out in Europe, with banking stocks in the Stoxx Europe 600 shedding 7.8%.

The S&P 500, meanwhile, was down 1.3% in recent trading.

Some of the selling appears to center on investors’ concerns with those institutions’ ties to Russia. European banks are the most exposed, contributing to the heavier losses, some analysts said.

Bank Stocks Drop Sharply (wsj.com)

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