Comerica promotes insider to oversee retail banking

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Comerica in Dallas has tapped an insider to oversee its retail operations.

Cassandra McKinney will succeed Michael Aust as executive vice president, retail bank. She will report to Curt Farmer, who became the $73 billion-asset company's CEO in April and its chairman this month. Aust is retiring on May 1.

McKinney, who joined Comerica 15 years ago, was director of retail product and operations. She previously worked at Bank of America and IBM.

"Cassandra's broad leadership and strong expertise in retail banking will allow her to continue to deliver strong outcomes for our customers and growth for our business," Farmer said in a press release Tuesday.

The promotion follows a series of personnel moves since Farmer took over as CEO. Comerica named a new chief credit officer in January and is expected to announce a new chief financial officer by mid-2020.

McKinney takes over at a time when the profits in retail banking are under pressure because of low interest rates. Earnings in Comerica’s retail unit fell 52% in the fourth quarter from a year earlier to $11 million.

Aust, who joined Comerica the same year as McKinney, has led the expansion of its branch network in Texas, California, Arizona and Florida.

Aust's "vision to make banking easier drove investments in the transformation of our service and delivery systems and embedded in our banking centers a culture focused on our customers,” Farmer said.

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