Wells Fargo, the financial services company became the latest bank to slash its dividend by 85%.
The campany plans to save $5Bn from this.
At the same time the company also announced that is also plans to cut $2bn in costs.
Even as it cut its dividend, Wells Fargo said in a statement that it turned in "strong operating results" in January and February
Wells Fargo is the 4th largest bank in the US by assets and the second largest bank by market cap.[4] It is the only bank in the United States to be rated AAA by S&P.
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