Comerica Set to Cut 350 Jobs

Comerica Inc. said it will cut 350 senior management and other positions as it combines Inglewood-based Imperial Bancorp, which it recently purchased, with the bank’s California businesses.

Detroit-based Comerica, the No. 18 U.S. bank, said in a regulatory filing that four jobs were eliminated in California during the first quarter, but it did not say where the remaining cuts would be made.

The firings, which represent 3% of Comerica’s work force, will occur in the first quarter of next year.

Comerica purchased Imperial in January for $1.3 billion in stock to increase its West Coast presence.

Comerica recorded restructuring charges of $119 million in the first quarter as part of its consolidation with Imperial, according to its filing with the Securities and Exchange Commission. Charges tied to the integration are expected to reach $162 million by the first quarter in 2002, when the process is complete, Comerica said.

The total expected merger charges are higher than the $145 million Comerica estimated when it announced the purchase Nov. 1. The bank said it expects savings of $60 million by next year’s second quarter.

Shares of Comerica rose $2.18 to close at $56.18 on the New York Stock Exchange.