Most big banks(over 15 total) decreased their dividend to $.01 or $.05 per quarter. There is not much difference between $.01 and $.05 per quarter but most of the banks that decreased to $.05 like USB, JPM, WFC, etc. appear to be stronger than the ones that decreased to $.01 like Citi, RF, etc.
The notable exceptions are the BBT decrease to $.15 and the PNC decrease to $.10.
I never though that the banks would eliminate their dividend entirely. There are too many reasons not to go to zero dividend including breaking the banks' long term dividend paying history. This is particularly true of USB and BBT.
Also many mutual funds, pension plans, money managers, bank trust departments, dividend capture programs, etc. either can not or will not hold a stock that does not pay a dividend.
My guess is that it will be years before we see the dividend back to $.425 per quarter. In the meantime most of the banks need to continue to increase their capital.