Regions Financial Corp., the 10th-largest U.S. bank by deposits, arranged its wealth-management business into four units and named leaders for each.
Personal trust and private banking combined into one unit, private wealth management, led by Nick Stonestreet, 51, Birmingham, Alabama-based Regions said today in a statement. Asset management and corporate trust merged to form institutional services, overseen by Ken Alderman, 60, who’s also chairman of investment management. Jim Nonnengard will lead investment services and Curren Coco will head insurance.
“Our goal is to make financial management simple, convenient and more rewarding for our clients,” Bill Ritter, 41, who runs the wealth-management group, said in the statement.
Chief Executive Officer Grayson Hall announced plans in June 2011 to form a wealth-management group to help increase fee revenue. Record-low interest rates are squeezing net-interest margins, the difference between what a bank pays to borrow money and what it gets for loans. Regions sold its Morgan Keegan brokerage to Raymond James Financial Inc. this year for total proceeds of $1.2 billion.
Mike Daniel was named chief operating officer of the wealth-management unit, Regions said in the statement.