Impairment charges tied to the divestiture of its Morgan Keegan broker-dealer unit drove Regions to a $602 million net loss in the fourth quarter. But executives argue the pending sale — along with an overhaul of its deposit business — will put Regions back on track and gird it against higher regulatory and credit costs.
"Although we are encouraged by the recent improvements and economic indicators … we do believe the economy remains challenged by the housing market, and the pace of economic recovery does appear to be incremental," Regions president and chief executive, O.B. Grayson Hall Jr., said during a conference call Tuesday. "We expect to be very disciplined and focus on basic banking and customers."
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access