Comerica Bank may lay off employees and is evaluating its properties as it undergoes a nearly $11 billion acquisition, the company confirmed to 四虎影院 in an email.
The news comes amidst a rapidly growing financial services sector in Dallas that are hoping will attract businesses from Wall Street. The bank employs more than and is headquartered in Comerica Bank Tower on 1717 Main St. in Downtown Dallas.
The decision isn't easy, but is necessary for sustainable growth, Comerica said in a statement to 四虎影院.
鈥淲e are committed to treating all impacted employees with respect and providing resources to support them through this transition.鈥�
A spokesperson for Fifth Third, the Ohio-based bank buying Comerica, told 四虎影院 in an email the company is evaluating its "real estate footprint" for efficiency.
鈥淲hile some changes are expected, we remain committed to maintaining a strong presence in Dallas,鈥� the spokesperson said.
Comerica Bank President and CEO Curt Farmer told in October the company's future in downtown is 鈥測et to be fully determined,鈥� and the company was 鈥渄iscussing possibilities with our landlords.鈥�
鈥淐learly we want to be in Dallas, but the question is what part of Dallas do you end up in?鈥� Farmer told the Morning News.
If that means the company's thinking about relocating from downtown Dallas, it wouldn't be the first. AT&T, which employs over 10,000 people in Dallas, announced on Monday it would be relocating its headquarters from the city鈥檚 core to Plano.
Comerica moved into the Main Street tower in 2007 and is under an agreement to rent 222,000 square feet of office space until 2028, according to . The building owners plan to redevelop the tower to add residential and hotel space, removing more than half of the 1.5 million square feet of office space.
Comerica identified in September with the Securities and Exchange Commission potential issues it could run into as it merges with Fifth Third.
"We have incurred and expect to incur a number of costs associated with the Merger and the integration of our business with Fifth Third鈥檚 business," the filings reads. "These costs include (...) severance/employee benefit鈥恟elated costs, public company filing fees and other regulatory fees and financial printing and other related costs."
Comerica also notes uncertainty about the merger could affect business.
鈥淓mployee retention may be challenging for us before completion of the merger, as certain employees may experience uncertainty about their future roles with the combined company following the merger, and these retention challenges will require us to incur additional expenses in order to retain key employees,鈥� according to the filing.
Dylan Duke is 四虎影院's Breaking News Reporter. Got a tip? Email Dylan Duke at dduke@kera.org.
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