General Electric Co. (NYSE:GE) is cutting its quarterly dividend to 10 cents a share from 31 cents a share, saving $9 billion a year, CNBC, a GE unit, reported.
To put the move in some perspective, the last time GE's dividend was 10 cents a share was September 1998.
The move comes amid a steep slide in the company's stock price. In fact the company is trading only about 30 cents over its 52-week low of $8.40 a share, which was its lowest close in 14 years.
The company's financial services operations, which have suffered growing losses in the past 18 months, are blamed for the share drop. - Matthew Wurtzel
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