Wells Fargo – Dividend Cut

According to the Wall Street Journal, the dividend cut and cost cuts at Wells Fargo will save $7 billion per year. If those savings work out, they will have paid off Wachovia ($12.6 billion) in two and a half years.

If the financial system ever gets sorted out, I believe Wells Fargo is the best positioned US bank for long term profitability.

In the interest of full disclosure, I have a few accounts at Wells Fargo and own 100 shares.