Comerica to Cut 14% of Jobs, Close Branches

Comerica Inc. said it will cut 1,890 jobs, or 14% of its payroll, and close about 15 branches to slash costs and boost profit. The Detroit-based bank took a $90-million charge against fourth-quarter earnings to reflect the costs of the job cuts and other restructuring moves. Comerica doesn’t know how many people will be fired and how many unfilled positions will be eliminated, bank spokesman Wayne Mielke said. The bank said these steps, along with using computers to help make loans and streamline financial reporting, will boost revenue $110 million a year, starting in the first half of 1998. Comerica is hoping to convince investors that the bank--often cited by analysts as a likely takeover target--should remain independent. Shares were unchanged at $56.25 on the New York Stock Exchange.