Citigroup

(C) - Get Report

on Tuesday slashed its dividend to a penny a share, the struggling New York bank's latest effort to preserve capital.

Citi announced the dividend cut four days after it reported a

fifth straight quarterly loss

of $8.29 billion, or $1.72 a share and announced a major restructuring. The bank in October halved its quarterly dividend to 16 cents a share.

The federal government has taken a $45 billion preferred equity stake in the company through the Troubled Asset Relief Program and has agreed to backstop more than $300 billion in risky assets.

Bank of America

(BAC) - Get Report

on Friday also cut its dividend to a penny a share after reporting a net loss of $1.79 billion, or 48 cents a share.

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