Comerica Hit With OCC Enforcement Action -- WSJ

Dow Jones05-24

By Gina Heeb

The Office of the Comptroller of the Currency issued an enforcement action against a unit of Comerica, saying it found unsafe or unsound practices related to its risk governance and internal controls.

The Wall Street Journal first reported the OCC had launched a probe into Comericas wealth-management unit last year, after a botched technology upgrade left it short millions of dollars.

Comerica executives had told staff the errors in its trust unit could force writedowns.

Shares of the company fell 5% on Thursday.

We take this agreement very seriously, and this effort is a top priority, a Comerica spokeswoman said in a statement.

Texas Bank Overdraws Its Own Accounts After Messy Tech UpdateRegulators are probing Comerica after a botched technology upgrade left the banks wealth-management unit short millions of dollars.Read the full article

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 23, 2024 15:11 ET (19:11 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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