Dividend Cuts: Who's Next?

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Includes: AXP, COF, MA, PNC, USB, V, WFC
by: Mark Riddix

US Banks are finally cutting dividends to acceptable levels to conserve capital.

US Bancorp (USB) cut its dividend 88% from $1.70 to .20 per share.

PNC Financial (NYSE:PNC) has reduced its dividend from $2.64 a share to .40 a share.

Wells Fargo (NYSE:WFC) is the last big bank standing that has not reduced its dividend yet. I don’t know how long this can last with the stock barely above single digits.

Now that major banks are cutting dividends look for insurers and credit card companies to start cutting next. Dividend cuts at Capital One (NYSE:COF) and American Express (NYSE:AXP) appear likely.