Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Capital One Slashes Dividend

Capital One became the latest big company to slash its dividend, saying this morning that it will cut it by 87 percent in an attempt to save $500 million per year.

Capital One will cut its dividend from $0.375 cents to $0.05 cents.

"We're moving today to reduce future dividends because in today's unprecedented economic and market conditions, our highest priority is managing our balance sheet to maintain its considerable strength and resilience," Richard D. Fairbank, Capital One's chairman and chief executive, said in a statement..

The bank joins firms such as J.P. Morgan Chase, GE, Pfizer, Citigroup, Dow Chemical, Gannett, CBS and dozens of others.

-- Frank Ahrens
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  March 9, 2009; 9:39 AM ET
Categories:  The Ticker  | Tags: Capital One, Citigroup, JP Morgan, Pfizer  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Bernie Madoff May Be Copping Plea
Next: Markets Open Down but Try to Claw Back

No comments have been posted to this entry.

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company