Comerica Announces Increase In Its Minimum Wage To $15 Per Hour And $1,000 Bonus To 4,500 Non-Officer Colleagues

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Dec 29, 2017, 08:00 ET

DALLAS, Dec. 29, 2017 /PRNewswire/ -- Today, Comerica Incorporated (NYSE: CMA) announced its plan to further invest in its colleagues by increasing its minimum wage to $15 per hour, effective Jan. 5, 2018, and paying approximately 4,500 non-officer colleagues (more than half of its colleague population) a one-time bonus of $1,000 in January 2018. This increase in minimum wage and one-time bonus are made possible by the tax reform bill that was passed by the U.S. Congress, then signed by the President on Dec. 22, 2017.

"Comerica is dedicated to its colleagues. As valued team members, we understand how essential they are to Comerica's success. We're honored to be able to give back to our colleagues some of the benefit that our bank is receiving from the 2017 tax reform package," said Ralph W. Babb, Jr., chairman and chief executive officer. "When it comes to our team, the goal is to create a workplace where the best talent seeks employment. By having a highly competitive compensation package, and offering a range of development and other internal opportunities, we are doing just that."

In addition to this increase in minimum wage and one-time bonus, Comerica continually invests in colleagues through a variety of programs, including tuition reimbursement, training and development, and competitive benefit and retirement offerings.

"By sharing this tax savings with our colleagues, we believe we are helping to create an economic stimulus, which also benefits our communities," said Babb. "As a company, we have the opportunity to further invest in our infrastructure, which benefits our customers as well."

Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $72 billion at Sept. 30, 2017.