Make life better.
As we continue to strive toward achieving our mission of making life better for our customers, our shareholders and associates, diversity is one of the most important elements of the Regions Financial Corporation business strategy, and
we've made great progress toward embedding the principles of diversity and inclusion throughout the organization. We've done this by strengthening our efforts to attract, develop and retain diverse talent; by creating innovative programs that improve workforce morale; and by establishing initiatives that help the organization reach more diverse segments of our customer base.
C. Dowd Ritter, chairman, president and CEO of Regions Financial Corporation, has been leading this cultural transformation, which is focused on leveraging the diversity of all of our resources to achieve business results. Under his guidance and leadership, the company has a bank officer who is solely responsible for corporate diversity.
We are very proud of our recent efforts to address many aspects of diversity and inclusion as we work toward hiring and retaining a diverse employee base, and as we seek to reach diverse market segments in our footprint. But, we know there is still more work ahead.
Embedding the principles of diversity and inclusion in everything we do is essential to achieving our mission of making life better.
Diversity Recognition
- Because of the bank's continuing efforts to create and nurture an inclusive workforce, Regions received the 2007 Workplace Diversity Award sponsored by the Mobile Chapter of the Society of Human Resource Management.
- In a special edition of the Nashville Business Journal, the Journal recently named Regions Bank one of Nashville's “Best Places to Work.” The Journal honored Regions for creating a workplace that allows our associates to succeed.
Diversity FAQs
| Q: Is the composition of the Regions board of directors culturally and ethnically diverse? |
[back to top] |
A: Yes. The composition of the board of directors is guided by the Regions Financial Corporation board selection process and philosophy – to seek members from diverse professional backgrounds who combine a broad spectrum of experience and expertise with a reputation for integrity. Among the members of the board, there is minority and women representation.
| Q: Is there diversity among the top senior executives at Regions? |
[back to top] |
A: Yes. The Regions Financial Corporation Executive Council -- currently made up of six senior executives, including the Chairman, President and CEO -- is diverse and includes a female member. Other top senior executives -- including several women and minorities -- report directly to members of the Executive Council.
| Q: What are some recent diversity initiatives or activities that have been implemented at Regions? |
[back to top] |
A: MINORITY CAPITAL MARKETS INITIATIVE: Regions Financial Corporation recognizes the important role that African-American-owned investment banking firms play in their communities and throughout the national and international financial services market. For this reason, the company in 2007 launched a new program that formalizes its commitment to diversity by engaging African-American-owned financial services firms in complex corporate financial transactions.
In 2007, the initiative resulted in several African-American-owned firms -- including Loop Capital Markets and Touissant Capital Partners -- participating in transactions totaling more than $2.3 billion.
As part of the initiative, Regions is continuing to look for innovative methods of integrating existing and future participant African-American firms in the management process of its corporate finance transactions.
EMERGING MARKETS PROGRAM: In 2007, Regions Financial Corporation launched an Emerging Markets initiative, which is part of a broader commitment to serve African-American and other minority-owned businesses.
The initiative incorporates a focused sales effort solely devoted to meeting the financial demands of African-American business owners. As part of the initiative, Regions provides business counsel and financial planning advice as well as other specialized products such as free business checking, flexible lending products, and special money market and CD rates.
Additionally, program participants have access to advice in credit services, insurance, employee benefits, portfolio management and retirement planning.
UNCF-REGIONS STRATEGIC PARTNERSHIP: Regions Financial Corporation and the United Negro College Fund have formed a strategic partnership to provide scholarships and financial education at historically black colleges and universities.
As a component of the partnership, scholarships will be awarded annually to deserving students who are studying business at UNCF member institutions. Each scholarship will provide $7,500 toward the students' tuition and expenses. Recipients will be selected by the business deans at UNCF member colleges.
As a second component of the partnership, Regions is establishing financial literacy centers on the campuses of UNCF institutions within the company's geographic footprint. The centers will serve the college communities, offering economic education and financial planning skills. Regions associates will have opportunities to volunteer to develop curriculum and teach courses. Educational literature related to financial topics, such as credit counseling and first-time home buying, will be provided.
The first of these centers was established at Miles College -- a recipient of a $500,000 gift from Regions Financial Corporation in 2007 -- in Birmingham, Alabama.
MANAGEMENT ASSOCIATE PROGRAM:Regions Financial Corporation continues to infuse a diverse talent pool into the management levels of the enterprise through a formal recruitment initiative called the Management Associate Program.
Through the program, high-potential college graduates are recruited from a diverse pool of colleges, including several historically black colleges and universities. Once recruited, the new associates participate in a 10-week structured training curriculum that incorporates all major functional areas of the bank.
Throughout their careers, participants are consistently exposed to leadership and professional development opportunities as part of the program.
Of the participants in the 2008 Management Associate class, 28 percent were minority and 44 percent were women.
SUPPLIER DIVERSITY INITIATIVES: Supply Partner Diversity at Regions Bank is an early stage initiative. Regions' first steps to improve its supplier diversity function was to hire a new full-time program manager. Additionally, a corporate policy relating to supplier diversity has been adopted and relationship-building with diverse suppliers has been ongoing in recent years. However, efforts are still underway, as a result of the merger, to fully develop the technical infrastructure to automate and accurately track our performance and to further develop and institutionalize the new supplier diversity process.
Some areas of ongoing program/process development are outlined below:
- A new, more robust, e-procurement system was adapted in 2007. Other system modules that will expand its functionality are scheduled for implementation later in 2008.
- Alternatives for cleansing and enhancing the Accounts Payable database are being explored so that vendor records can be flagged to classify M/WBE or Service Disabled Veteran-owned vendors by ethnicity, gender, etc.; determine historical spending with each to establish a diversity spend baseline; and set goals for increasing spending moving forward.
- New strategies for supplier diversity are being formulated and presented to executive leadership to increase awareness and buy-in, ensure enterprise-wide participation, and structure incentives and accountability into the process.
- Diversity language is being incorporated into all RFPs and contracts that will make it clear to all firms currently engaged or seeking to do business with Regions that they are expected to subcontract with M/WBE firms and required to report Tier 2 diversity spend to us on a quarterly basis.
- A program budget is being developed for 2009 to fund M/WBE outreach, capacity-building initiatives, and relevant sponsorships.
A: It is the policy and practice of Regions Financial and its subsidiaries to provide equal employment for all employees and prospective employees without regard to race, color, national origin, sex, religion, age, disability, veteran status or any other characteristic protected by law. All employment decisions are made and are consistent with the principle of equal employment opportunity, and only job-related qualifications. All personnel actions, such as compensation, benefits, transfers, social and recreational programs, etc. are administered without regard to race, color religion, sex, age, disability, veteran status, national origin, or any other characteristic protected by applicable law. Regions Financial has designated an officer to administer and monitor EEO practices, and will not tolerate associates who violate EEO Guidelines.