PNC Financial (PNC) Cuts Qtr Dividend 85% to $0.10/Share
The PNC Financial Services Group, Inc. (NYSE: PNC) announced that its Board of Directors will reduce the company's quarterly common stock dividend from $.66 to $.10 per share. The next dividend is expected to be declared in early April.
The dividend reduction is expected to add $1 billion annually to PNC's common equity position, further increasing its strong capital and liquidity positions.
CEO James E. Rohr said, "We are taking this proactive step to build capital, further strengthen our balance sheet and serve our customers in an unprecedented and uncertain economy."
The dividend reduction is expected to add $1 billion annually to PNC's common equity position, further increasing its strong capital and liquidity positions.
CEO James E. Rohr said, "We are taking this proactive step to build capital, further strengthen our balance sheet and serve our customers in an unprecedented and uncertain economy."
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