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On Monday, Bank of America (NYSE:BAC) announced a 50% reduction in the company's quarterly cash dividend. The new quarterly dividend is reduced to $0.32  per share versus $0.64 per share in the same quarter last year. The company also announced it intends to raise $10 billion in additional capital via a stock offering. BAC is the sixth financial S&P Dividend Aristocrat to cuts its dividend this year.

The Dividend Growth Investor website recently posted an article detailing the recent dividend cuts in the financial sector.

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Source: Bank of America Cuts Dividend 50%