Stocks slid further on Monday as concerns about the health of banking system diminished appetite for riskier assets and as billionaire investor George Soros said the banking system was basically insolvent.

Soros told Reuters Financial Television that the recapitalization of banks has taken the wrong shape and authorities were not succeeding in shoring up banks in a way that lets them provide credit going forward. Among financial laggards were JPMorgan Chase and Citigroup .

Tech shares lost ground after a broker downgrade of Cisco Systems and a potential merger between IBM Corp and Sun Microsystems collapsed.

The Dow Jones industrial average <.DJI> fell 81.64 points, or 1.02 percent, to 7,935.95. The Standard & Poor's 500 Index <.SPX> lost 11.32 points, or 1.34 percent, to 831.18. The Nasdaq Composite Index <.IXIC> was down 30.11 points, or 1.86 percent, at 1,591.76.

(Reporting by Leah Schnurr; Editing by Theodore d'Afflisio)

George soros Investment Jpmorgan chase Citigroup