Now that PBI has cut the dividend, what's next? With a new yield of under 10%, will they cut even more in the future? My bet is that this is just the first of many cuts to the unrealistically high dividend. They desperately need to conserve cash and use it to build a new direction for the company. It's time for PBI to "clean house." The company is inhabited with incompetent, lazy stuffed shirts who should have been fired years ago. A new management team needs to have a coherent strategy to reinvent the company from the top down, but it may already be too late. When I look at PBI, I can't help but think about companies like Eastman Kodak, Polaroid, and hundreds of other once-great companies that have turned to dust. I've never worked for Pitney Bowes, but I know dozens of people who have (and do.) I consider nearly all of them to be seriously deficient. They're there simply because family members got them jobs right out of school, and they've stayed out of sight ever since. Too many related people covering each others butts and protecting their jobs has taken its toll on this company. The rest is history.