DALLAS, July 1, 2024 – Comerica Incorporated (NYSE: CMA) published its 2023 Corporate Responsibility Report which provides a comprehensive review of its environmental, social and governance initiatives and progress. This marks the 16th edition of the corporate responsibility-related report.
“Much has changed throughout the course of Comerica’s nearly 175-year history, but what has remained consistent is our determination to make a positive impact in the markets we serve,” said Wendy Bridges, Comerica Bank Executive Vice President, Corporate Responsibility. “This report highlights our efforts around capital access, products, diversity, financial education and climate that benefit our customers, communities and colleagues.”
Capital Access: Comerica exceeded its three-year (2021-2023) goal to lend $5 billion to small businesses. The year also included the introduction of Comerica BusinessHQ™ to the Southern sector of Dallas, providing entrepreneurs and small businesses with the necessary tools to cultivate, connect and receive access to capital.
ESG Products: By working with companies involved in environmentally beneficial industries and projects, Comerica extended its impact beyond its own footprint to advance support for recycling, renewable energy, green buildings and pollution reduction. In 2023, Comerica saw $2.9 billion in loans and commitments coded to environmentally beneficial (green) businesses and projects – a seven percent increase from 2022.
Diversity: Comerica’s strength resides in its diverse and inclusive workforce. The diverse makeup of Comerica colleagues allows it to connect to a wider customer base, enhances community relationships and enriches its engagement with those communities to help them become stronger. In 2023, 63% of U.S colleagues were women; 43% of U.S. colleagues were racial/ethnic minorities; and 53% of Comerica U.S. officials and managers were women.
Financial Education: Financial education and technical assistance training are fundamental to Comerica’s programming to help strengthen the economy and empower local communities. The work of volunteers allowed Comerica to educate approximately 106,000 individuals from low- and moderate-income communities as part of the Comerica $ense financial education programs. Additionally, more than 8,000 in-person, virtual and hybrid workshops were held across Comerica’s markets in diverse segments and languages, including Spanish, Cantonese, Mandarin, Vietnamese and Arabic.
Climate: Comerica understands a changing climate is creating conditions that impact the organization and its customers, and is committed to addressing this change by reducing greenhouse gas emissions, managing climate risks and supporting its customers. As of 2023, it has achieved a 57% reduction in Scope 1 and 2 greenhouse gas emissions against its 2030 goal, which already exceeds its 2025 goal. In addition, it has reduced other environmental impacts, including through an 84% reduction in office copy paper from its 2012 base year; a 39% reduction in waste to landfill from its 2012 base year; and a 37% decrease in metered water use compared to its 2012 base year.
About Comerica
This year, Comerica Bank celebrates its 175th anniversary. A subsidiary of Comerica Incorporated (NYSE: CMA), Comerica Bank is a financial services company headquartered in Dallas, Texas, and is strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful, providing more than 380 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on Aug. 17, 1849, in Detroit, Michigan, Comerica continues to expand into new regions, most recently in the Southeast, including North Carolina and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $79.4 billion at March 31, 2024.Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, X (formerly known as Twitter), Instagram and LinkedIn.
