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
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By
Frank Ahrens
|
March 9, 2009; 9:39 AM ET
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| Tags: Capital One, Citigroup, JP Morgan, Pfizer
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