Senior managers at Morgan Keegan & Co. argue that their restructuring moves last week are a break with the past — and a sign that the securities unit still has a future with its parent company, Regions Financial Corp.

Morgan Keegan combined its fixed-income and equities businesses into a single investment banking division, undoing a model that had lasted for more than 40 years. In doing so, they said investment banking would become a bigger part of the business mix as the Memphis firm seeks to move beyond litigation tied to its mutual fund operations, revenue declines and other lingering issues.

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