We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Regions Financial Corporation | NYSE:RF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.09 | 0.46% | 19.74 | 19.74 | 19.43 | 19.52 | 9,555,535 | 22:18:27 |
Regions Financial Corp. (NYSE:RF) today presented the company’s three-year strategic growth plan at an Investor Day in New York. Members of the company’s management team reviewed investments Regions is making in talent, technology, and communities to make banking easier for customers, expand its reach to serve more consumers and businesses, and deliver attractive and sustainable returns to shareholders.
“At our last Investor Day in November 2015, we laid out an intentional and measurable path to creating sustainable franchise value and strengthening financial performance. Through the hard work of our associates, we delivered on that commitment and met our goals by building a stronger, more profitable and innovative company,” said John Turner, President and Chief Executive Officer. “As we look to the future, Regions is focused on generating consistent, sustainable, long-term performance. Today we presented a meaningful, three-year growth agenda anchored by our relentless focus on making banking easier for customers and associates while enhancing profitability through improved risk-adjusted returns. Through our ongoing commitment to efficiency, effectiveness and continuous improvement, we will accelerate our growth by making strategic and disciplined investments in technology, talent and the markets we serve while also maintaining a strong and integrated risk management culture.”
Strength of Markets
Regions’ strategic plan is built around the unique strengths of the franchise: customer focus, markets, team, culture, and risk management. Over the next three years, Regions will lean into these strengths by making targeted investments to expand the reach and profitability of the company’s core markets and to leverage its established presence in large, growing metros.
The company today announced it will pursue opportunistic hiring and de novo branch expansion in key growth markets including Atlanta, Houston, and Orlando. To support growth in these key markets as well as across the bank’s service area, Regions expects to open new branches and hire corporate bankers, wealth management professionals, mortgage loan originators and other customer-facing associates to meet the needs of more individuals and businesses. Regions is funding these investments through continuous improvement initiatives that make banking easier for customers, simplify processes, and drive profitable, long-term growth. By leveraging data and technology, Regions is repositioning its retail distribution network and employing a thin network strategy to serve more current and prospective customers while reducing costs. Over the next three years, the company will continue expanding digital banking capabilities, such as online account openings, digital loan applications, and wealth management digital advisory capabilities while also consolidating branches across its service area.
Accelerating Innovation
Through FinTech partnerships, strategic investments, and in-house development, Regions is accelerating innovation across the enterprise to make banking easier for customers and to operate more efficiently and effectively. Regions continues to leverage technology through innovative solutions around digital lending capabilities, mobile deposit functionality, deploying flexible card controls for consumers, and integrating artificial intelligence (AI) tools across multiple consumer banking channels. The company’s test-and-learn approach, agile development model, and scalable network allow Regions to make meaningful investments with strong expected returns and adapt to a rapidly-changing marketplace.
The company announced today it has allocated approximately $625 million this year, or 11 percent of 2018 revenue, for technology investments, with nearly half of that budget dedicated to new projects that will accelerate growth and improve the customer experience. Over the next three years, Regions will pilot voice banking capabilities and expand its use of AI for both customer-facing and back-office applications. Additionally, Regions is investing in data and analytics to provide more relevant financial advice to customers, improve the customer experience, and enhance credit risk management, as well as a variety of other internal processes across the company.
“Technology changes and data innovation are resetting consumer expectations, while also enabling Regions to anticipate customer needs, improve service quality, better manage risk, and operate more efficiently,” said John Owen, Chief Operating Officer. “This is an exciting time for our industry, as talented people with big ideas are leveling the playing field in a way that benefits consumers and businesses. At Regions, we are focused on winning the customer experience race, and we are making thoughtful technology investments to deliver tangible benefits for customers and associates and meaningful returns for our shareholders.”
Efficiency and Effectiveness
Regions’ Simplify and Grow continuous improvement approach was introduced in late 2017 and has become a foundational strategic priority for the company, integrated across the franchise. Today Regions is committed to achieving an adjusted efficiency ratio of less than 55 percent by 2021 by growing revenue and aggressively managing expenses. The company has approximately 35 efficiency and effectiveness work streams in progress that will contribute to achieving this goal, and anticipate the addition of new initiatives throughout the 3-year planning period.
Regions continues to reduce real estate square footage, the bank’s second-largest expense category, through branch and back-office space consolidations, introduction of collaborative workspaces, hoteling, and expanding remote work options. The company is in the process of exiting 2.1 million square feet, resulting in a 15 percent reduction in total branch and non-branch space between 2017 and 2021. Regions is also delivering reductions in third-party spending through strategic sourcing and vendor selectivity and anticipates annual cumulative savings of approximately $60 million between 2018 and 2021.
“Regions’ focus on continuous improvement positions us to succeed as industry and market conditions change, and our strong capital position provides flexibility to pursue attractive growth opportunities in any environment,” said David Turner, Chief Financial Officer. “We are committed to sound capital management practices that enable us to grow organically and deliver attractive returns for our shareholders.”
As part of its Investor Day presentation, Regions provided 2019 expectations and long-term financial targets.
2019 expectations:
Three-year financial targets (2019-2021):
A replay of the video webcast and presentation materials referenced during the event are available at http://ir.regions.com.
The information above is summary and subject to numerous assumptions, including future market and economic conditions.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $126 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,500 banking offices and 2,000 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.
Forward-Looking Statements
This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The terms “Regions,” the “Company,” “we,” “us” and “our” as used herein mean collectively Regions Financial Corporation, a Delaware corporation, together with its subsidiaries when or where appropriate. The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objectives,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the risks identified in Item 1A. “Risk Factors” of this Annual Report on Form 10-K and those described below:
You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190227005060/en/
Media Contact:Evelyn Mitchell(205) 264-4551
Investor Relations Contact:Dana Nolan(205) 264-7040
1 Year Regions Financial Chart |
1 Month Regions Financial Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions