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According to Reuters, the FTSE was down 41.34 points to 4420.75 at 11:44 BST, with HSBC shedding 3.7 per cent despite stating that it has made a "resilient" start to the year.
Barclays, Standard Chartered and the Royal Bank of Scotland were among the other financial institutions to see their share price decrease, while mining company Lonmin slipped by over 12 per cent following the announcement that it is to implement a rights issue to combat losses.
Mining firms such as Rio Tinto, Anglo American, Antofagasta and BHP Billiton all declined, with a slump in metal prices contributing to the poor performance.
The stock market had closed at a four-month high on Friday, after climbing by 5.2 per cent over the course of last week.
