Comerica is cutting nearly 200 jobs at its new business and innovation center in a north Dallas suburb just two years after the hub opened.
The Dallas-based bank told the Texas Workforce Commission in a letter this week it is planning a "reduction-in-force" at its offices at 17 Cowboys Way at The Star in Frisco, a mixed-use hub about 25 miles north of downtown Dallas. Comerica is laying off 184 employees at the site beginning in mid-March, the letter said.
Comerica, which had about $79 billion in assets as of September 2024, moved into the top three floors spanning about 100,000 square feet of office space in 2023, giving it a northern outpost from its downtown Dallas headquarters at its namesake building, Comerica Bank Tower. At the time the Frisco hub opened, Comerica expected it to be home to 300 employees.
The planned job cuts come as Fifth Third Bancorp is preparing to close on the acquisition of Comerica in a deal valued at $10.9 billion, as reported by CoStar News. The "shared goal" of the two banks is to "create a stronger organization that delivers long-term value," a Comerica spokesperson told CoStar News in an emailed statement.
"Both companies are thoughtfully aligning roles to support future business needs, and while these decisions are never easy, they are necessary to position the combined organization for sustainable growth," Comerica said in the statement. "We are committed to treating all impacted employees with respect and providing resources to support them through this transition."
In a separate statement, Fifth Third said, "As we plan for our combination with Comerica, we are evaluating our real estate footprint to ensure we operate efficiently while positioning the new Fifth Third for long-term growth and sustainable profitability.
"While some changes are expected, we remain committed to maintaining a strong presence in Dallas," the Cincinnati-based bank added in the statement. "This will ensure our employees are well-placed to support our customers and the communities we serve."
It wasn't immediately clear if Fifth Third expects to close Comerica's office at The Star in Frisco. Comerica also has more than 200,000 square feet of office space in its namesake tower in downtown Dallas that serves as its headquarters. Comerica relocated its headquarters from Detroit to downtown Dallas in 2007.
Fifth Third is expanding its presence in Texas and plans to open 150 new branches across the state by 2029. Fifth Third is also planning to open a new wealth management office in Dallas' Preston Center, about 6 miles north of downtown Dallas.
The combination of Comerica's existing footprint is expected to position Fifth Third to be among the top five banks in terms of branches in the Dallas-Fort Worth, Houston and Austin, Texas, markets.