HSBC Cancels Remaining 2020 Dividends
Shares of sprawling international bank HSBC Holdings (NYSE: HSBC) tumbled on Wednesday, following the company's announcement that it is suspending its dividend.
The move follows a request originating from the Bank of England that the UK-based HSBC not pay its upcoming quarterly distribution, which was scheduled to be handed out later this month. Upon meeting to discuss this request, the bank's board decided to accept it, and to extend the dividend suspension through the end of this year. It also elected to do the same for repurchases of its ordinary (common) shares.
Image source: HSBC
Source Fool.com
