This shouldn't be hugely surprising; JPMorgan Chase announced it had slashed its quarterly dividend from 38 cents a share to 5 cents a share (87 percent) in a defensive move. The cut allows the bank to save $5 billion a year, and help pad its capital. The move was described in defensive terms, a pre-emptive act against further deterioration in the economy.

One issue is whether the fact that the bank has taken TARP funds had anything to do with the decision. JPMorgan says no. But there has been some criticism about legitimate expenditures by TARP banks; some had questioned whether TARP funds should be used to support such payments. The dividend cut will take effect for the April 30 dividend payment. 

For more:
- here's an article from CNNMoney.com

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