Regions Plunges After Cut by Moody’s on Managers’ Exit
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Regions Financial Corp., Alabama’s biggest bank, plunged for a second day after Moody’s Investors Service cut its credit rating again this month, citing the departure of three managers who oversaw risk and souring assets.
The shares fell 6.4 percent to $5.54 at 4:15 p.m. in New York Stock Exchange composite trading after shedding 4.5 percent yesterday, their lowest since January. The firm’s senior debt rating was lowered two notches to Ba3 from Ba1, Moody’s said in a statement late yesterday. Regions’ board wanted personnel changes amid “slow” progress in improving credit quality, the bank’s finance chief, David Turner, said yesterday at a New York investment conference.