Wells Fargo to Cut Dividend as Top Rivals Maintain Payouts

(Bloomberg) — Wells Fargo & Co. plans to cut its dividend, breaking with all of the biggest Wall Street banks, after the Federal Reserve last week set new restrictions on the payouts.“There remains great uncertainty in the path of the economic recovery and though it’s difficult to accurately predict the ultimate impact on our credit portfolio, our economic assumptions have changed significantly since last quarter,” Chief Executive Officer Charlie Scharf said Monday in a statement.JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley left their third-quarter payouts unchanged, according to statements from …read more

Source:: Yahoo Finance