Capital One Slashes Dividend by 75%

Capital One Financial (NYSE: COF) reduced its dividend by 75% for the third quarter to $0.10 per share from $0.40 per share.

It is the first dividend reduction for the bank since 2009.

The dividend reduction follows two straight quarters of net losses for Capital One. In the second quarter, the bank -- which, with 421.3 billion in assets, is the 11th-largest in the U.S. -- reported a net loss of $918 million.

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Source Fool.com