Three months after acquiring Comerica Bank, Fifth Third is preparing to do a mass layoff of former Comerica employees in suburban Detroit.
Fifth Third Bancorp has notified the state of Michigan that it plans to lay off 502 workers at what was Comerica’s Great Lakes Campus at 36455 Corporate Drive in Farmington Hills. The campus is relatively new and opened in 2024, and Fifth Third says it is committed to keeping it open.
The layoffs are set to happen between July and November, according to the notice.
Additional information about the layoff plan was not immediately available on Friday, May 8, including whether any severance was offered.
“We consistently review our operations to optimize our organizational structure and ensure we are best positioned for long-term growth and sustainable profitability,” A Fifth Third spokesperson said in a statement.
“We are focused on creating a new Fifth Third that creates meaningful opportunities for employees, and we’re making changes to align staffing with future business needs. While these decisions are never easy, we believe these actions position us to deliver greater future value to our customers, communities, and shareholders. We are committed to treating all impacted employees with respect and providing support throughout this transition.”
Cincinnati-based Fifth Third acquired Texas-based Comerica in February in a $12.3 billion all-stock deal. The deal made Fifth Third one of the largest banks in Michigan and the ninth-largest U.S. bank, with approximately $294 billion in total assets.
Comerica is expected to rebrand as Fifth Third later this year. Fifth Third executives previously pointed to September as the month that they would do the rebrand and convert all Comerica customers to Fifth Third’s banking systems.
There also will be a new name for Comerica Park, where the Detroit Tigers play, once the 2026 baseball season is over. The stadium’s future name has not yet been announced.
Contact JC Reindl: 313-378-5460 or jcreindl@freepress.com. Follow him on X @jcreindl
This article originally appeared on Detroit Free Press: Fifth Third plans 502 layoffs at former Comerica campus in Farmington Hills
Reporting by JC Reindl, Detroit Free Press / Detroit Free Press
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