Comerica Q2 net income $104 millionStaff Writer | July 19, 2016
Comerica Incorporated reported second quarter 2016 net income of $104 million, compared to $60 million for Q1 2016 and $135 million for Q2 2015.
Comerica Earnings per diluted share were 58 cents
Comerica also announced the implementation of its efficiency and revenue initiative GEAR Up, which is expected to drive additional annual pre-tax income of approximately $230 million by year-end 2018 from the actions identified to-date.
Second quarter results include after-tax restructuring charges of $34 million, or 19 cents per share, associated with the initial phase of this initiative.
Revenue enhancements expected to be approximately $30 million by year-end 2017, which increase to approximately $70 million by year-end 2018, through expanded product offerings, enhanced sales tools and training, re-aligned employee incentives and enhanced customer analytics to drive opportunities.
Expense reductions targeted to be approximately $110 million, which increases to approximately $160 million by year-end 2018.
This is to be achieved through an approximately 9 percent reduction in workforce, streamlining operational processes, real estate optimization including consolidating about 40 banking centers, selective outsourcing of technology functions and reduction of technology system applications. ■