Comerica Bank Will Be Cutting Jobs & Closing Locations
The second-largest bank in Michigan will cut 800 jobs and close 40 of its branches. According to Click On Detroit, Comerica Bank is trying to get rid of $160 million in spending over the next two years, and essentially increase their revenue.
After losing over 20% in profits from the previous year, Comerica announced that it would cut 9% of their workforce.
There is no word on what banks in Michigan will be affected but the cuts will be across all their markets. Currently there are 213 branches in the state with over 5,000 employees, reports the Detroit Free Press.
It is unknown at this time when the lay-offs will occur but a Dallas-based spokesperson for Comerica said:
"the bulk of management level reductions will be completed by Sept. 30..."