Fifth Third to raise $2 billion

and cut dividend.

Regionals across the country are now suffering. The second leg down for financials has truly begun. I warned on Fifth Third this past Thursday in What’s happening at Fifth Third?

See new story here.

Update:
9:19 EDT
Fifth Third to raise $2 billion in capital, replaces chairman, MarketWatch, 18 Jun 2008
Fifth Third Cuts Dividend, Looks to Raise New Cash, WSJ, 18 Jun 2008
Fifth Third to raise $1-billion, Globe & Mail, 18 Jun 2008
Fifth Third to Raise $2 Billion on Share, Asset Sales, Bloomberg News, 18 Jun 2008

See also: Credit Crisis Timeline for a full list of writedowns and capital raising by institution and a timeline of the credit crunch and Capital Raising for a total amount of all capital raising done.