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.