State Street (STT) Slashes Outlook, Cuts Dividend To $.01


Here’s a new euphemism for cutting your dividend. Just say you’re doing a “Tangible Common Equity Improvement Plan“. That’s what State Street (STT), the troubled custodial bank, is doing this morning. Quarterly dividends have been slashed from $.24 to $.01 and the company has lowered its outlook for 2009.