Comerica in Dallas will cut 250 jobs and close 26 branches as part of a broad expense-cutting plan.
The $84.1 billion-asset company also said during its earnings call that it incurred about $25 million in severance expenses during the fourth quarter.
Comerica is “streamlining” its management structure and taking “incremental actions to recalibrate expenses in support of investments and enhanced earnings,” Jim Herzog, the company’s chief financial officer, said during the call.
Branch closings are planned in Michigan, Texas, California and Arizona. They will represent roughly 6.4% of the total network.
Separately, Comerica disclosed that it paid a $109 million special assessment to the Federal Deposit Insurance Corp. during the fourth quarter.