DALLAS, [December 29, 2017] – Comerica Incorporated (NYSE: CMA), known widely as Comerica Bank, announced today a significant investment in its workforce. Demonstrating its commitment to employees, Comerica is raising its minimum wage to $15 per hour, effective January 5, 2018. Furthermore, the bank will provide a one-time bonus of $1,000 to approximately 4,500 non-officer colleagues in January 2018. This impactful decision by Comerica Comerica Bank is a direct result of the recent U.S. tax reform bill, passed by Congress and signed into law on December 22, 2017.
Comerica Bank logo, a symbol of financial strength and corporate responsibility.
Ralph W. Babb, Jr., Chairman and Chief Executive Officer of Comerica Bank, emphasized the importance of the bank’s colleagues. “Comerica is deeply committed to its colleagues, who are invaluable to our success. We are pleased to share the benefits of the 2017 tax reform package with our team,” Babb stated. He further added, “Our aim is to cultivate a workplace that attracts and retains top talent. Offering a highly competitive compensation and comprehensive career development opportunities is crucial to achieving this goal at Comerica Comerica Bank.”
Beyond this immediate wage increase and bonus, Comerica Bank consistently invests in its employees through various programs. These include tuition reimbursement, extensive training and development initiatives, and attractive benefit and retirement plans.
Babb also highlighted the broader economic impact of this decision. “By reinvesting tax savings in our colleagues, we are contributing to economic stimulus within the communities we serve,” he explained. “This also allows Comerica Bank to further invest in our infrastructure, enhancing services for our valued customers.”
Comerica Comerica Bank, officially Comerica Incorporated (NYSE: CMA), is a leading financial services company headquartered in Dallas, Texas. The company operates through three core business segments: The Business Bank, The Retail Bank, and Wealth Management, focusing on building strong relationships and fostering the success of individuals and businesses. Comerica Bank has a significant presence across key markets including Texas, Arizona, California, Florida, and Michigan, with select operations extending to other states, Canada, and Mexico. As of September 30, 2017, Comerica reported total assets of $72 billion, underscoring its strong financial position in the banking sector.
SOURCE Comerica Incorporated
