Fifth Third CEO on Comerica integration: So far, so good
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Fifth Third Bancorp is on track to meet its cost savings and data conversion expectations after acquiring Comerica, with plans to deliver $360 million in net cost savings this year. The bank's integration is proceeding at an accelerated pace, with a major systems conversion scheduled for Labor Day weekend.
Fifth Third Bancorp is optimistic about its acquisition of Comerica, expecting to deliver $360 million in net cost savings this year and reach an $850 million annual run rate by the fourth quarter. The Cincinnati-based bank's integration is proceeding at an accelerated pace, with key milestones achieved, including completing risk-based process reviews and data conversion strategy. The bank reported adjusted earnings per share of $0.83 for the first quarter, in line with analyst estimates. Revenue was $2.8 billion, up 33% from the previous year. The bank is building a strong pipeline of revenue synergies, which will help improve its outlook. The technology conversion, scheduled for Labor Day weekend, is the largest point of risk in the transaction, but Fifth Third is working to minimize disruptions to customers' experiences.
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