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Non-Tech : Banks--- Betting on the recovery -- Ignore unavailable to you. Want to Upgrade?

To: Asymmetric who wrote (953)	6/1/2010 2:25:13 AM
From: Asymmetric	Read Replies (1) \| Respond to of 1428

Regions' Ritter named second least-valuable financial CEO for '09 . Birmingham Business Journal - by Crystal Jarvis Staff May 26, 2010 Regions Financial Corp.’s former CEO Dowd Ritter has been named one of the least-valuable leaders of a financial institution by Bloomberg Markets Magazine. Ritter, who stepped down from his top position at the Birmingham bank on April 1, ranked No. 2 on Bloomberg’s list, which ranked the executives based on their company’s stock returns for 2008 and 2009 combined with compensation over the same period per million dollars of assets. Between 2008 and 2009, Regions suffered losses totaling $6.63 billion, while Ritter received $9.67 million in 2009 compensation, which represented a 42 % raise. Meanwhile, Regions Financial still owes TARP $3.5 billion. The story will appear in the magazine’s July issue, which goes on sale in two weeks. Ritter, who retired in April and handed the CEO job over to Grayson Hall, came in second to Henry Meyer III of Cleveland-based KeyCorp. Meyer received a 21 % increase in his 2009 compensation, to $8.15 million, though KeyCorp posted eight consecutive quarterly losses. The lender is still sitting on $2.5 billion in TARP funds. Ritter also ranked second in Bloomberg’s least-valuable leaders list last year. Then, he ranked behind American Express’ CEO, who earned $40 million in 2007 and 2008 while stock dropped 69 %. Regions Financial (RF) is Alabama’s largest financial institution with more than $137 billion in assets.