Comerica Bank To Cut 9 Percent Of Workforce

Comerica Bank has just announced major job cuts affecting roughly 9 percent of the total workforce according to this Dallas Morning News report:

In an effort to address investor concerns about profits, Dallas-based Comerica Bank executives announced a slate of cost-cutting measures — including chopping 9 percent of its workforce — during the company’s quarterly earnings call Tuesday morning

“We are fundamentally changing the way we operate in many areas of our business,” Comerica Chairman and CEO Ralph Babb told stakeholders.

As of June 30, the company had the equivalent of 8,792 full-time employees. About 1,150 of those employees were spread across North Texas, as of late April.

As part of what’s known as the company’s GEAR Up initiative, the company will also reduce its office space and consolidate about 40 banking centers.

At the same time,  bank leaders rolled out plans for boosting Comerica’s technological capabilities to better serve customers who increasingly prefer mobile banking.

While executives on Tuesday said that many of the job cuts will come from management, a bank spokesman said he didn’t know yet how the office footprint and staff reductions would impact Dallas specifically.

“We are rationalizing our workforce across all markets and business lines,” the spokesman, Wayne Mielke wrote in an email, adding that, “Our corporate real estate use across our footprint is under review.”

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