Dallas, Texas based financial service company, Comerica, which is also the second-largest bank in Michigan said, it plans to trim about 800 jobs and shutter forty branches. The action is part of a cost cutting effort and perk up profitability in the ever growing competitive market and challenging environment for the retail division of the financial sector.
However, it was not clear how the planned job cuts will affect numbers in Michigan or its branches in the state.
While announcing the Q2 earnings Comerica officials said on Tuesday, they plan to cut the bank's workforce by nine percent. The company reported a twenty three percent drop in its quarterly profit.
In the second quarter which ended on June 30, the bank's profit slipped to $103 million or by 58 cents a share from the previous year's $134 million or 73 cents a share.
Till the end of June, the bank had about 8,800 full-time employees all across the U. S. As for Michigan, the bank's employee numbers were 5,254 on January 1. According to officials, Comerica has 213 branches all over Michigan.
Kathleen Pitton, a bank spokeswoman based in Detroit said, "They have not announced the number (of job cuts) in the different markets. It will be spread across the markets."
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