Comerica Inc
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Financials : Banks | Mid Cap Blend
Company profile

Comerica Incorporated is a financial holding company. Its Commercial Bank segment serves small and middle market businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services. Retail Bank segment includes a range of personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. The segment also offers a subset of commercial products and services to micro-businesses. Wealth Management segment offers products and services consisting of fiduciary services, private banking, retirement services, investment management and advisory services, investment banking and brokerage services. Finance segment includes the securities portfolio and asset and liability management activities.

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Comerica Bank Announces Additional Retail Banking Transformation Changes

12:05 pm ET June 13, 2022 (PR Newswire) Print

In response to the evolving consumer and small business banking landscape, Comerica Incorporated (NYSE: CMA) announced additional changes to its Retail Banking division to enhance how it supports customers and small businesses, builds more meaningful relationships and serves as a partner within its communities.

"While we are constantly evaluating how we serve our customers, the accelerated pace of change has us acting with even more urgency. Within our retail bank, we continue to focus on transforming the delivery of our services, aligning the right resources to best serve our customers and enhancing our small business focus," said Cassandra McKinney, Comerica Bank's Executive Director of the Retail Bank.

"We are at the beginning of a multi-year modernization journey, as discussed on our first quarter earnings call," continued McKinney. "From clarifying colleague roles and improving processes, to investing in marketing and technology, to building capabilities that will help us deepen and grow our customer base - we are reimagining everything that impacts our customers and how we best enable our colleagues. We are further building on the strengths of our team of bankers who work hard every day to build relationships and deliver solutions."

Since March 2022, Comerica has transformed its Retail leadership team under the direction of Cassandra McKinney, Executive Director of the Retail Bank with the addition of several new roles to its roster, which includes veteran leader Rhonda Davenport, National Director of Retail Banking. New leaders include: Omar Salah, Director, Small Business Banking; Theresa Bazan, National Sales Enablement Director for Consumer and Small Business Banking; Dharmesh Patel, Director of Retail Business Services; Brian Haney, Director of Strategy & Transformation; and James Johnson, Director of Retail Risk Management & Operations.

Comerica's Retail Banking transformation also involves:

-- Adding more focused roles, such as small business bankers in strategic locations, which enable colleagues to spend more quality time with customers and develop deeper, more meaningful relationships.

-- Redeveloping colleagues in the areas most important to customers: Comerica is making a significant investment in its colleagues' expertise to provide customers with the information, products and services they need.

-- Implementing various enhancements to technology and processes that will help streamline customer interactions and minimize friction, such as significant updates to our web and mobile banking platforms.

-- Redesigning the banking center model to optimize customer experiences, respond to unmet customer needs, serve its communities and drive growth.

One example of the various initiatives undertaken in recent years by Comerica to identify and leverage technology innovations to meet the needs of its customers better is its introduction of Banker Connect Interactive Teller Machines (ITM). Comerica first launched this ITM concept seven years ago, introducing technology that combines traditional ATM capabilities with the ability to interact in real-time with a customer service representative via a live video stream to complete transactions with extended hours. During the pandemic, Comerica accelerated the expansion of its ITM network in response to the evolving needs of its customers. Learn more about Banker Connect here.

"In addition to our transformation efforts, we are also constantly reviewing our network to ensure we strategically have banking centers located in the communities we serve based on customer needs, population, and traffic patterns. Where demand is not as strong, we consolidate locations. We can then reallocate those resources to capture and serve our markets more effectively or expand into new areas. We also reinvest into initiatives to streamline banking center processes, add more focused roles, improve digital channels, and diversify our products - ultimately enhancing the customer experience and allowing colleagues to work more efficiently," said McKinney.

Changes impacting Comerica's banking center network include consolidating 22 of its existing 432 U.S. locations across three of its retail markets, targeted for completion in September 2022: 3 in California, 11 in Michigan, and 8 in Texas.

While these adjustments to Comerica's banking center network represent change, Comerica Bank remains steadfastly focused on serving as a strong partner and trusted advisor for all of its customers, both now and into the future. Customers served by impacted locations may choose from a variety of available options for banking services including other local banking centers, and through Web Banking, Mobile Banking, telephone, Banker Connect ITM or ATM.

Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $89.2 billion as of March 31, 2022.

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SOURCE Comerica Incorporated

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