Financials Lag The Market Over Bailout Tax (JPM, WFC, BAC)

The S&P 500 (SPX) has made its way into positive territory, currently up 0.29%, while the Dow Jones Industrial Average (DJI) remains slightly negative, down 0.04% in early afternoon trading Monday. Financials have been a drag on the markets, with most large financial names down across the board.

Shares of JP Morgan Chase (NYSE: JPM) are down $0.25, or 0.65%, to $38.05; Wells Fargo (NYSE: WFC) is lower by $0.53, or 1.93%, to $26.89; and Bank of America (NYSE: BAC) is down $0.31, or 2.03%, to $14.69.

Financial stocks are lower as uncertainty lingers over future tax proposals for banks to recapture bailout costs. On Saturday, finance ministers and central bankers from the Group of Seven discussed a global tax on banks that would be internationally coordinated. The International Monetary Fund is compiling a report on options requiring banks to "make a fair and substantial contribution" toward bailouts.