U.S. banks are probably less exposed than European rivals to a potential debt default by Dubai World, but it's still difficult to know which institutions are ultimately exposed, analysts say.

Financial services and bank stocks were hit hard in today’s trading session, as the Dubai debt worries weighed heavily on the market.

Shares of Bank of America (NYSE: BAC) closed down 3%, or $ 0.48, to $15.47; Goldman Sachs (NYSE: GS) was down 2.97%, or $5.01 to $163.91; and JP Morgan Chase & Co. (NYSE: JPM) closed down 2.04%, or $ 0.86 to $41.30. Citibank (NYSE: C) was down 3.12%, or $0.13, to $4.04. All are trading slightly higher in after hours trading.

Banks with association with the United Arab Emirates were down. According to the United Arab Emirates Banks Association, the top foreign banks with a financial position in the UAE for 2008 include HSBC Bank Middle East Limited, Standard Chartered Bank, Barclays Bank PLC, ABN-AMRO Bank, and Citibank N.A. (NYSE: C).

According to TheStreet.com, a Dow Jones report today indicated that that U.S. banks exposure to the UAE could be about $9.9 billion. Citibank (NYSE: C) ranks as one of the highest with exposure to the UAE, with some $1.9 billion in loans. Even though UK banks have more exposure to Dubai debt, the U.S. financial sector took a hit today.

By Edward KrudyNEW YORK (Reuters) - U.S. stocks fell more than 1 percent in a truncated session on Friday as a possible debt default by a Dubai state-owned conglomerate led to fresh concerns about the global financial system.The sell-off was broad, with selling concentrated mainly in the financial and commodity-linked...

By Edward KrudyNEW YORK (Reuters) - U.S. stocks fell more than 1 percent in a truncated session on Friday as a possible debt default by a Dubai state-owned conglomerate led to fresh concerns about the global financial system.The sell-off was broad, with selling concentrated mainly in the financial and commodity-linked...

New York, Nov 27th (TradersHuddle.com) - Stocks joined the global retreat on the Dubai financial crisis, as Dubai’s attempt to reschedule debt rattled investors and drove shares of banks lower. Financial stocks started way under pressure as financial institutions led the MSCI World Index’s retreat during the Than. Read More --

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By Edward KrudyNEW YORK (Reuters) - Stocks fell more than 1 percent on Friday as a possible debt default by a Dubai state-owned conglomerate increased investors' uncertainty about the financial system's strength.U.S. stocks sold off broadly, sliding 2 percent or more at the opening, but selling was concentrated mainly in...

By Edward KrudyNEW YORK (Reuters) - Stocks fell more than 1 percent on Friday as a possible debt default by a Dubai state-owned conglomerate increased investors' uncertainty about the financial system's strength.U.S. stocks sold off broadly, sliding 2 percent or more at the opening, but selling was concentrated mainly in...

Financial-services stocks fall on concern about a potential $60 billion debt default by Dubai World.

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Although I certainly would not rank it alongside Macro Man's dreaded vacation indicator or the incipient increase in the USD if and when the Economist finally decides to slot its decline on the front page, I still have the nagging feeling that whenever yours truly sit down at either a dull and difficult econometrics lecture or, as today, camps at school for a lab session in connection with a paper due next month, some event is bound to wreck havoc on markets while your author is busy estimating regressions. I would assume that some US market participants feel the same today as they give thanks before hauling in the Turkey.[More...]

So much for a sleepy Thanksgiving Friday... a tiny Black Swan called Dubai reared its ugly head.  There has been some hand wringing in the UK papers about the debt situation in Greece (all of which ignored by giddy US traders who only know 1 trade anymore:. US dollar down, buy anything), so Dubai was a bit out of left field.[More...]

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