Unless you work at Citi, UBS, Deutsche, or RBS, 2010 is proving a bit of a write-off

2010 is not proving kind to the share prices of financial services companies. Despite a recovery on Friday, shares across the sector still ended last week more than 3% lower than they started it.

This is bad news given the proportion of 2009 bonuses tied up in stock. Most banks' share prices are now substantially lower than they were when each organisation announced its fourth quarter results (and when strike prices for any options issued for last year were likely to have been set). The situation is particularly dire at BNP Paribas, Nomura and Goldman Sachs.

However, some banks are having a better time of 2010. At Citi, UBS, Deutsche and RBS, the share price is up, sometimes substantially, on the level when Q4 results were announced. Anyone owning stock in these organisations has reason to cheer the first half of this year, and may be harder to extract as a result.

Percentage change in share price between the date Q409 results were announced and May 21st 2010

· BNP Paribas: -18.7%

· Nomura: -16.0%

· Goldman Sachs: -12.9%

· HSBC: -12.6%

· Morgan Stanley: -12.2%

· SocGen: -9.6%

· Credit Suisse: -7.2%

· JPMorgan: -5.3%

· BofA Merrill: -3.0%

· Barclays: -0.7%

· Citigroup: +4.8%

· UBS: +6.0%

· Deutsche Bank: +11.2%

· RBS: +17.2%