-
The pressure is on Comerica CEO Ralph Babb to prove the deal, which closed Thursday, was worth it. American Banker offers him some free talking points.
July 28 -
Integration of rare find in Texas could be done by yearend, and Comerica will be "regimented" about future expansion, Babb says.
July 28
Comerica Inc. is eliminating roughly 300 jobs in Houston in connection with its July acquisition of Sterling Bancshares Inc.
The Houston Business Journal reported Monday that the $54 billion-asset Comerica has notified the Texas Workforce Commission that layoffs would take place over a six-month period, starting in October. A Comerica spokesman told the Business Journal that most of the jobs are overlapping support and back-office jobs and said that most Sterling employees who work directly with customers will be retained.
Comerica, based in Dallas, acquired the $5 billion-asset Sterling in Houston for roughly $1 billion in stock. The deal increased its number of branches in Texas from 95 to 152.
Comerica's shares were trading at $25.22 late Monday, up 5% from Friday's close.
