September 6, 2002 |
UnionBanCal Corp. and Comerica Inc. aided Earthlink co-founder Reed Slatkin's Ponzi scheme that solicited more than $590 million from investors, according to a suit filed by his estate's bankruptcy trustee. Slatkin this year agreed to plead guilty to 15 felony changes in connection with the investment scheme and acknowledged responsibility for at least $254 million in losses. He filed for bankruptcy in 2001.
May 17, 2001 |
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.
April 18, 2001 |
Wells Fargo & Co., the fourth-largest U.S. bank, said Tuesday that first-quarter profit rose 12% as gains on the sale of investments and branches bolstered revenue. Net income was $1.17 billion, or 67 cents a share, compared with $1.04 billion, or 61 cents, in the same period last year. The results matched analysts' estimates. Revenue rose 12% to $5.23 billion. Non-interest income rose 18% to $2.
November 2, 2000 |
Wednesday was Wall Street's first chance to vote on Comerica Inc.'s proposed purchase of Imperial Bancorp--and it wasn't exactly a vote of confidence. Shares of the Detroit-based banking company tumbled more than 8%, closing down $5.19 at $55.13 in New York Stock Exchange trading. The deal was announced before the market opened Wednesday morning. Comerica is acquiring Inglewood-based Imperial in a stock swap, and the slide in Comerica's share price reduced the value of the deal to $1.
November 1, 2000 |
Imperial Bancorp--one of the largest banks based in Southern California--will announce today that it has agreed to be acquired by Detroit banking company Comerica Inc. in a stock swap valued at $1.25 billion. George L. Graziadio, chairman and chief executive of Inglewood-based Imperial, said Tuesday night that a merger agreement had been reached with Comerica at a price of $27.74 per Imperial share based on Tuesday's closing prices for both companies.
January 23, 1997 |
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.