XL CAP LAYOFFS: 11-feb-09: XL Capital Ltd. (XL) announced Tuesday during its fourth quarter earnings report that it will cut its dividend by 47%, from 76 cents annually to 40 cents.
This was the second time in less than a year that the company cut its dividend. Back in July 2008, XL cut its dividend in half from $1.52 annually to 76 cents.
The move came as part of broad cost-cutting measures, which will include the Bermuda-based insurance company cutting 10% of its workforce.