Wells Fargo & Co. became the last of the nation's biggest financial institutions to slash its dividend as the economy's woes worsen, reducing the quarterly payout 85%.

Meanwhile, Chief Financial Officer Howard Atkins announced another $2 billion in cost cuts for 2009 while Wells Fargo had "strong operating results" in January and February amid "continued growth in lending, deposits and mortgage volumes." Mortgage originations for the two months of $59 billion topped the "exceptionally strong" figures from all of the fourth quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.