Investors braced for big dividend cuts

Investors are braced for savage cuts in dividends across the FTSE 350 as companies hoard cash to see them through the coronavirus crisis. On Monday, a further wave of dividend suspensions and cancellation of buybacks were announced by companies scrambling to assess the hit to their earnings from the pandemic. The rout began at pace last week, when groups spanning William Hill and Marks and Spencer heaped further pain on shareholders already suffering losses in their portfolios from the market sell-off.