The Bank Dividend Race to $0.01

JPM is the latest bank to cut their quarterly dividend to save precious capital.  JPMorgan Chase slashes its dividend by 87% to $0.05 per share.  Here is a look at recent dividend announcements from other banks:

Citigroup (C)                 -  on 1/20/09 cut to $0.01
Bank of America (BAC)   -  on 10/6/08 declared $0.32
Wells Fargo (WFC)         -  on 1/28/09 declared $0.34
American Express (AXP) -  on 11/17/08 declared $0.18
PNC Bank (PNC)             -  on 1/8/09 declared $0.66
Bank of NY Mellon (BK)   -  on 1/13/09 declared $0.24
SunTrust Banks (CTI)     -  on 2/10/09 declared $0.10
TCF Financial (TCF)       -  on 1/20/09 declared $0.20

All banks should drop right to $0.01. No stoping at $0.05, proceed directly to $0.01 and take less taxpayer money.