Wells Fargo Slashes Dividend 85%, Sees $2 Billion More In Cost Cuts

Wells Fargo & Co. (WFC) became the last of the nation's biggest financial institutions to slash its dividend as the economy's woes worsen, reducing the quarterly payout 85%.

Meanwhile, Chief Financial Officer Howard Atkins announced another $2 billion in cost cuts for 2009 while Wells Fargo had "strong operating results" in January and February amid "continued growth in lending, deposits and mortgage volumes." Mortgage originations for the two months of $59 billion topped the " exceptionally strong" figures from all of the fourth quarter.

Read Full Article from CNNMoney.com

- Posted: 2009-03-06 08:33:48

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