Wells Fargo Cuts Dividend by 80%
Wells Fargo (NYSE: WFC) has taken a chainsaw to its dividend. The company announced Tuesday that its board of directors formally declared a quarterly common stock payout of $0.10 per share, payable on Sep. 1 to investors of record as of Aug. 7. That level is down considerably from the $0.51 it previously paid.
The cut, however, was entirely expected -- in fact, the bank set that $0.10 in its second quarter earnings release. Even at that point, speculation was rife throughout the banking world that a chop was coming, and that it would be significant.
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Source Fool.com
