Fifth Third Bancorp's acquisition of Comerica in a $10.9 billion all-stock deal brings significant changes for employees. The combined bank commits to maintaining Comerica's Farmington Hills campus, a vibrant hub for 2,000 employees, and promises a minimum wage increase for Fifth Third workers. While the exact number of job cuts remains uncertain, the deal's closure by March 31, 2025, will see Fifth Third employees' minimum pay rise to $21 an hour, matching Comerica's offer. This pay hike, a dollar an hour, follows Fifth Third's 2022 increase from $20 to $21. The bank's commitment to Farmington Hills, a key Comerica operations center, and its focus on employee compensation reflect a broader trend in the banking industry. Banks are raising wages to attract talent, with Fifth Third's increase mirroring Comerica's and Bank of America's recent $25 an hour minimum wage. This shift in pay structures highlights the evolving landscape of employment benefits and the importance of competitive compensation in attracting and retaining top talent.
