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| NEW YORK (Reuters) - Capital One Financial Corp (COF.N) said on Monday it trimmed its quarterly dividend 87 percent to save $500 million annually as credit card losses increase. The bank and credit card company cut its dividend to 5 cents a share from 37.5 cents a share. The decision has been widely expected by analysts and investors after bigger rivals JPMorgan Chase & Co (JPM.N) and Wells Fargo (WFC.N) took similar actions in recent weeks to preserve capital. Capital One said its pro forma tangible common equity ratio at the end of February was slightly above the 4.6 percent reported by the end of 2008. The bank, which recently acquired Chevy Chase Bank to expand its deposit base, said its Tier 1 capital ratio as of February 28 remained above 11 percent. Link to Article |