JP Morgan Cuts Dividend To $0.05, Provides Update on "Fortress" Balance Sheet

Previous dividend $0.38. Gives some amusing arguments about why dividend is getting whacked.

Also lots of chatter about JPM's "fortress balance sheet." Ahem, shorters are already crossing the moats.

Amusing highlights from investor presentation just posted on JPM's website:

• Given highly uncertain environment, we are acting with an abundance of caution in reducing quarterly dividend to $0.05 per share;
• For 1Q09 QTD, the Firm is solidly profitable, even after significant additions to reserves;
• Continue to feel great about future prospects of Company;
• Even in this highly stressed environment we would maintain our fortress balance sheet and continue to invest in our businesses;

And more such fluff. Full presentation below:

JP Morgan Presentation - Free Legal Forms