http://www.marketwatch.com/story/comerica-to-cut-workforce-close-locations-2016-07-19-134853833?link=MW_latest_news
Comerica Inc. said it would cut about 9% of its workforce and shut
down 40 of its locations in a move to reduce costs and increase
profitability, as the bank works to recover from energy-related
weakness.
The regional bank is taking $53 million in
severance-related expenses and professional-service charges in the
second quarter related to the cost-cutting and revenue-enhancing
initiative. Comerica estimates it will result in $70 million in revenue
increases by the end of 2018 and $160 million in cost reductions. The
company will take restructuring charges of between $140 million and $160
million in total through 2018.
Comerica said the closures would represent about 8% of its total 473-bank network.
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