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Published March 07, 2009, 08:00 AM

Wells Fargo slashes dividend

Following the lead of other major banks, Wells Fargo & Co. said Friday it will slash its dividend by 85 percent to shore up its capital base.

NEW YORK (AP) — Following the lead of other major banks, Wells Fargo & Co. said Friday it will slash its dividend by 85 percent to shore up its capital base.

The bank, which is still digesting the acquisition of Wachovia Corp., said cutting its quarterly payout from 34 cents a share to 5 cents would result in $5 billion in annual savings.

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