Financials, Futures Move Lower Following News BofA Has Suspended 2014 Capital Plan

Bank of America

shares fell more than 4 percent to $15.28 Monday morning following news from the company the Board will be

. BofA claims the downward revision to the previously disclosed regulatory capital amounts and rations are due to an incorrect adjustment related to the treatments of certain structured notes assumed in the Merrill Lynch acquisition back in 2009. Upon BofA's announcement at 8:33AM EDT, US futures fell noticeably. The S&P 500 e-mini clipped around 3 points to hit a pre-market low under 1,863. The Select Sector Financial ETF

jumped $0.06 initially on the news, reaching $21.96 before promptly erasing any gains to settle around $21.86. As for the other major financial players, Goldman Sachs

, JP Morgan

, and Wells Fargo

all saw an initial bid response, only to follow the XLF lower. Citigroup

promptly shaved about 0.5 percent. Regional banks like like First Niagara

and M&T Bank

saw no response.