Regions Financial Plunges After Risk Managers Depart
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Regions Financial Corp., the Alabama bank that hasn’t posted an annual profit since 2007, fell to the lowest in New York trading since January after three executives overseeing risk and souring assets left.
Regions slumped 49 cents, or 7.9 percent, to $5.71 at 1:38 p.m. after disclosing late yesterday the departures of Chief Risk Officer Bill Wells and the heads of credit risk and problem-asset management. The moves weren’t prompted by additional reserves or charge-offs for bad loans, the company said. The announcement is spurring investor concern that losses on loans may mount, said Christopher Gamaitoni, an analyst at Compass Point Research & Trading LLC in Washington.