Lehman Brothers have removed their CFO and COO. I have been warning for several quarters on this company.
Keybank a card carrying member of the Doo Doo 32 list, has cut its dividend in half, and is losing that appropriate amount of market value as a result.
The Cleveland-based bank said the ruling will result in a $1.1 billion to $1.2 billion second-quarter charge, covering all leveraged lease transactions it is contesting.
It plans to cut its quarterly dividend per share to 18.75 cents from 37.5 cents, saving $200 million a year, and reflecting what Chief Executive Henry Meyer called "current economic realities." KeyCorp had raised its dividend for 43 straight years.
Shares of KeyCorp fell 7.7 percent to $14.50 in pre-market electronic trading.