Barclays , Royal Bank of Scotland and the British arm of Spain's Santander , said on Tuesday they would suspend dividend payments, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus.
Barclays and RBS said they would not pay any 2020 dividend and also scrapped planned 2019 payouts in response to a request from the Prudential Regulatory Authority."The bank has a strong capital base, but we think it is right and prudent, for the many businesses and people that we support, to take these steps now," Barclays chairman Nigel Higgins said.
Banks pay out dividends as a means of rewarding shareholders and disposing of excess profits, but they have the option to retain the earnings instead to preserve their capital levels.
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