Less than two months after Bank South Corp. announced a restructuring in its retail banking area, three high-ranking technology officers have left the bank.
A spokesman for the Atlanta-based bank said the departures are not connected to one another and are not part of a systematic reduction of the technology staff.
However some analysts believe that the executive changes are at least an indirect consequence of a cost-cutting climate at the bank.
"It is reasonable to assume that these moves are tied into an overall restructuring plan and effort to reduce salary expense," said Kathyrn Bissette, a securities analyst with Sterne, Agee & Leach in Atlanta. She noted that the bank has been talking about restructuring for the last few quarters but no formal plans have been announced.
Two of the departures came last week: James Dewberry, a 35-year Bank South veteran who last year had been named head of a new technology group called Bank South Direct, and Belinda Morgan, chief operations officer and general manager, who had been with the bank more than 25 years.
Earlier in the month, Calvin Johnson, director of electronic banking and research development, left to pursue another opportunity in the electronic banking industry.
Bank South officials said Mr. Dewberry left the bank to take an early retirement package and Ms. Morgan left to pursue other opportunities.
Neither Mr. Dewberry nor Ms. Morgan would comment on their career moves, and both referred inquiries to Bank South's corporate public relations department.
Mr. Johnson could not be reached for comment.
Regarding Mr. Dewberry's departure, a Bank South spokesman said, "There are and will continue to be efforts to realign the bank, and as a result there was opportunity for Jimmy (Dewberry) to take early retirement.'
The spokesman acknowledged a recent realignment of the bank's alternative delivery division. However he said the reorganization has not resulted in layoffs.