Core Insights - Comerica Bank has inaugurated its Great Lakes Campus in Farmington Hills, Michigan, which reflects its historical legacy and future vision [1][5] - The campus serves as the bank's largest operations center, housing approximately 2,000 employees and providing nationwide coverage [2][11] - The facility includes advanced technology and collaborative workspaces designed to enhance employee and customer experiences [6][11] Company Overview - Comerica Bank is celebrating its 175th anniversary, making it Michigan's longest-serving bank since its founding in 1849 [12][13] - The bank has a significant presence in Michigan, with over 4,300 employees statewide and a large banking center network [13] Campus Features - The Great Lakes Campus spans approximately 340,000 square feet, including a 21,000 square-foot Connector that links the East and West buildings [10][11] - The campus is designed with modern amenities such as wellness rooms, fitness centers, sit-to-stand desks, and a café offering health-conscious products [11] Community Engagement - Comerica Bank has committed to community support, donating $17,500 to local organizations during the grand opening ceremony [9] - The campus aims to strengthen relationships with community partners by providing flexible engagement spaces [8]

Amazon's partnership with artificial intelligence company Anthropic is being investigated by the United Kingdom's competition and markets regulator. The Competition and Markets Authority (CMA) launched a merger inquiry after collecting comments in April and May on whether the partnership could result in a lessening of competition in the market, according to a Thursday (Aug. 8) update. The CMA said in a commencement notice that it has sufficient information to begin an investigation to decide whether it shou ...

Assistance from Comerica will help provide free access to the aquarium every Thursday in August, and help support preservation and restoration of the park DETROIT, July 30, 2024 /PRNewswire/ -- The Belle Isle Conservancy is extending the aquarium's hours of operation to provide community members free access every Thursday in August with support from Comerica Bank. The bank's assistance, which includes a $10,000 contribution, will not only enable the aquarium to be open an extra day every week in August but ...

See notes to consolidated financial statements (unaudited). Table of Contents 3 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|-------|---------|---------|---------| | (in millions) | | 2024 | | 2023 | | OPERATING ACTIVITIES | | | | | | Net income | $ | | 344 $ | 597 | | Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | | | | | Provision for credit losses | | | 14 | 63 | | Benefit fo ...

DALLAS, July 23, 2024 /PRNewswire/ -- The Board of Directors of Comerica Incorporated (NYSE: CMA) declared a quarterly cash dividend for common stock of 71 cents ($0.71) per share. The dividend is payable Oct. 1, 2024, to shareholders of record at the close of business on Sept. 13, 2024. The Board also declared a dividend of $1,406.25 per share (equivalent to $14.0625 per depositary share) on the Series A Non-Cumulative Perpetual Preferred Stock of Comerica Incorporated, payable Oct. 1, 2024, to preferred s ...

Comerica (NYSE:CMA) is an American financial services company with over four hundred branches across the US, such as Texas, Michigan, California, Florida, and Arizona. It generated a quarterly total revenue of $1.53 billion, declining by 4.3% year-over-year. Furthermore, its net income from continuing operations attributable to common shareholders fell by 5.2% to $237 million. According to the report, the company's net income fell to $206 million from $273 million, but it beat analysts' estimates of $165.4 ...

Comerica shares closed at $50.42 on Friday. These analysts made changes to their price targets on Comerica following the announcement. Truist Securities analyst Brandon King downgraded Comerica from Buy to Hold and slashed the price target from $55 to $53. Barclays analyst Jason Goldberg maintained the stock with an Underweight rating and cut the price target from $59 to $56. Piper Sandler analyst Scott Siefers maintained Comerica with a Neutral rating and increased the price target from $51 to $52. Read Ne ...

JHVEPhoto/iStock Editorial via Getty Images Comerica lost its contract for the Direct Express debit card with the U.S. Treasury. Because this contract expires in early 2025, it does not impact 2024 financials. However with 4.5 million beneficiaries, this will be a large 2025 headwind. This program provided $3.3 billion of noninterest-bearing deposits, though CMA expects it to be a "long" process next year for these to wind down. Now, by next year, rates should be lower, but even assuming this funding is rep ...

Interest rate pressure and a lost government contract outweighed a better-than-expected quarter. Comerica (CMA -10.92%) topped quarterly expectations in its latest earnings report, but the bank delivered a couple of surprises that left investors feeling less confident about what lies ahead. Wall Street is mostly focused on the negative, sending Comerica shares down about 12% as of noon ET. Better, but not great Bank stock investors have had a lot to digest so far in 2024. The Federal Reserve's push to fight ...

The allowance for credit losses was $717 million, down 1.5% from the year-ago quarter. FNB's results were primarily affected by higher provisions, higher expenses and lower NII. Nonetheless, a higher non-interest income and a rise in average loans and deposit balances offered some support. As of Jun 30, 2024, Total loans increased 2% on a sequential basis to $51.9 billion. However, total deposits decreased 1.8% from the previous quarter to $62.5 billion. First Horizon Corporation's (FHN) adjusted earnings p ...