Regions announced Monday it had created a General Bank, which consists of "businesses that serve retail, wealth management, and small business customers," and a General Bank, which consists of "the businesses that serve middle-market and larger commercial clients," according to the company's statement.
John Owen, Head of Business Lines, will be the head of the General Bank, while South Region President John Turner will be head of the Corporate Bank. Unrelated to these changes, John Asbury, who previously led the Business Services Group, resigned because of family matters that require relocation.
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"This realignment creates a more streamlined structure at the top of the company and is a more effective model for executing our strategy, managing our performance and serving our customers," said Grayson Hall, Regions Chairman, President and CEO. "We appreciate John Asbury's leadership and six years of service to our company, and we understand and respect his decision."
The stock was up 1.89% to $10.79 at 12:17 p.m.
Separately, TheStreet Ratings team rates REGIONS FINANCIAL CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate REGIONS FINANCIAL CORP (RF) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."