Dallas-based financial services firm Comerica is weighing layoffs of its downtown workforce as shareholders officially approved its multi-billion dollar merger with Fifth Third Bank, the firm confirmed to The Dallas Morning News Tuesday night.
“As we move forward with our planned merger with Fifth Third, our shared goal is to create a stronger organization that delivers long-term value for our customers, communities, and shareholders,” the firm said in a statement. “Both companies are thoughtfully aligning roles to support future business needs, and while these decisions are never easy, they are necessary to position the combined organization for sustainable growth. We are committed to treating all impacted employees with respect and providing resources to support them through this transition.”
It’s unclear how many employees may be affected. Comerica is one of seven firms with more than 1,000 employees in downtown Dallas, according to data compiled by Downtown Dallas Inc.
The announcement comes after shareholders approved Fifth Third Bank’s $10.9 billion, all-stock acquisition of the Dallas company, the firms said Tuesday.
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The merger is expected to close in the first quarter of the year, though it requires federal approval.
Comerica moved its headquarters from Detroit to downtown Dallas in 2007. The firm became the lead tenant in a 60-story skyscraper that now bears its name.
It’s unclear what this means for the financial firm’s large footprint downtown. Comerica agreed in 2017 to rent 222,000 square feet in the tower through 2028, according to previous reporting.
Comerica chairman, president and CEO Curt Farmer told The News in October that the bank will maintain a “very significant presence” in the city once the merger closes, whether it stays downtown is “yet to be fully determined.”
Farmer added that Comerica was “discussing possibilities with our landlords.”
Comerica Bank Tower first opened in 1987 and was designed by architect Philip Johnson. It was called Momentum Place, built as the headquarters of MBank, the successor to Mercantile Bank.
Canadian-based Slate Asset Management has owned Comerica Bank Tower since 2024. Stream Realty Partners is Slate’s partner in the planned redevelopment.
The group plans to transform the office tower into a mixed-use destination. Plans call for 10,000 square feet of retail followed by several amenity floors. A 242-key hotel would start on the skyscraper’s ninth floor.
Roughly 600,000 square feet of office space will remain, and 240 residential units will round out the project.
Comerica’s potential layoffs leave looming questions about the future of Dallas’ central business district.
Telecom giant AT&T announced earlier this week that it plans to build a new global headquarters in Plano.
AT&T, which has been headquartered in Dallas since 2008, plans to partially occupy the new suburban campus in the second half of 2028, CEO John Stankey told employees.
Staff writer Sasha Richie contributed to this report.
This is a developing story and will be updated.