Dividends Cut Fastest Since 1950s as Citigroup Conserves Cash

Dividends Cut Fastest Since 1950s as Citigroup Conserves Cash

Stock dividends are disappearing at the fastest rate in 50 years as the worsening recession forces U.S. companies to conserve cash.

By Lynn Thomasson and Eric Martin

Nov. 26 (Bloomberg) — Stock dividends are disappearing at the fastest rate in 50 years as the worsening recession forces U.S. companies to conserve cash.

Citigroup Inc., Genworth Financial Inc. and New York Times Co. are leading 91 companies listed on the biggest U.S. exchanges in reducing or suspending payouts to shareholders this month, the most since May 1958, when 113 companies slashed dividends, according to data compiled by Standard & Poor

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