Comerica to Cut 800 Jobs; Effect Unclear at Clinton Township Branches

CLINTON TOWNSHIP, MI — Some employees of Comerica bank in Clinton Township could lose their jobs under plan announced Tuesday by the Dallas, TX-based bank to increase its profitability.

Comerica, Michigan’s second-largest bank, said in a second-quarter earnings report that it plans to shutter up to 40 branches and shed 800 jobs nationwide.

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The announcement by Comerica that it plans to trim its work force by 9 percent came as profits for the quarter ending June 30 plummeted 23 percent to $103 million, or 58 cents per share. That’s down from $134 million, or 73 cents per share, for the same period a year ago.

It’s unclear how many of the jobs cuts and bank closings would occur in Michigan.

Kathleen Pitton, a bank spokeswoman based in Detroit, told the Detroit Free Press the job cuts would occur across all markets.

JPMorgan Chase is the largest bank in Michigan, according to the Federal Deposit Insurance Corp.

Image Credit: Comerica bank, which has naming rights for the Detroit Tigers’ baseball stadium, said Tuesday it plans to shutter up to 40 banks nationwide and shed 800 jobs. Comerica courtesy photo.