Citi Maintains Dividend

The bank declares a 32-cent payout to investors after its big first-quarter loss.
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Citigroup

(C) - Get Report

on late Tuesday declared a 32-cent dividend on its common shares.

The announcement come as some relief to shareholders, who already endured a 41% cut to it dividend in January. Citi on Friday

posted a $5.1 billion first-quarter loss

and said it was slashing 9,000 jobs to cut costs.

Oppenheimer & Co. analyst Meredith Whitney, who correctly called that Citi would have to cut its dividend last fall months before it did, in February said the bank would likely have to cut its dividend further and raise more capital.

Citi is not alone among cash-starved banks resorting to cutting their dividend.

National City

(NCC)

on Monday slashed its payout and said it was raising $7 billion to shore up its capital base.

Wachovia

(WB) - Get Report

did the same last week and

Washington Mutual

(WM) - Get Report

earlier this year.

Bank of America

(BAC) - Get Report

, however, on Monday said it would not cut its dividend after reporting

$1.9 billion in first-quarter writedowns

.

This article was written by a staff member of TheStreet.com.