"Already this year, 20 Financials have decreased their dividend payments compared to just 12 over the past five years. As a result, the 4% expected increase in S&P 500 dividend payments for 2008 will be the lowest growth rate since 2002 when payments were up 2.1%.

Standard & Poor’s data also shows that despite the cuts, Financials continue to contribute the lion’s share of dividends. While the Financials sector makes up 15.7% of the market, it contributes 25.5% of the dividends."