Wells Fargo (NYSE:WFC), AIG (NYSE:AIG) Drag Financials Down

The overall financial sector in the U.S. is under downward pressure, dragged down by Wells Fargo (NYSE:WFC) and AIG (NYSE:AIG).

Wells Fargo fell on the abrupt news Chief Financial Officer Howard Atkins was retiring for personal reasons. Atkins had been indispensable over the last several years to the company, and his leaving is a real blow to Wells.

AIG dropped after the company announced it was going to book $4.1 billion charge in the fourth quarter while increasing reserves at its property and casualty insurance units.

Also falling in the financial sector was KeyCorp (NYSE:KEY), after being downgraded from "Outperform" to "Sector Perform" by RBC Capital.

KeyCorp was trading at $9.49, down $0.22, or 2.27 percent, as of 2:04 PM EST. AIG was at $41.22, losing $1.15, or 2.71 percent. Wells Fargo was trading at $33.00, falling $1.10, or 3.23 percent.