Comerica Incorporated (NYSE:CMA.WS) Q2 2016 Earnings Conference Call - Preliminary Transcript

Jul 19, 2016 • 08:00 am ET


Comerica Incorporated (NYSE:CMA.WS) Q2 2016 Earnings Conference Call - Preliminary Transcript


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Good morning. My name is Regina and I will be your conference operator today. At this time I would like to welcome everyone to the CO America second quarter 2016 earnings conference call.

All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question and answer session.

Operator Instructions I would now like to turn the conference over to Darlene Parsons, Director of investor relations. Maddie made again.

Thank you, Gina. Good morning and welcome to America second quarter 2016 earnings conference call.

Darlene Parsons

Participating on this call the our chairman Ralph Baab president foot farmer Chief Financial Officer[Indecipherable] and chief credit Officer Pete Guilfoile We also provide an overview of recently launched revenue and efficiency initiative as well in the summary overview of the quarter. They will then go through the quarter in more detail.

Finally relative provide another outlook for full year 2016.

And then we will open up the call for questions. Do this presentation and we will be offering two slides which provides additional details. The presentation slides as well as our press release are available on the SEC website, as well as in the investor relations section of our website

Before we get started, I would like to remind you that this conference call contains forward looking statements. And that regard you should be mindful of the risks and uncertainties that could cause actual results to differ materially from expectations for looking statements speak only as of the date of this presentation, and we undertake no obligation to update any forward looking statements.

I repeated safe harbor statement contained in the release issue today as well as by Sue this presentation which I incorporate into this call as well their filings with the SEC for factors that can cause actual results to differ off of this conference call will reference non GAAP measures and in that regard, I will direct you to the reconciliation of these measures with this presentation.

Now let's turn the call over to Ralph So we'll begin on slide three.

Ralph W. Babb

Good morning. And thank you for joining us to strengthen our competitive position and ensure that we remain strong partner and trusted advisor to our customers for the ultimate benefit of our shareholders, we are fundamentally changing the way we operate in many areas of our business.

Today we are announcing actions we are undertaking through our transformational of enterprise wide initiative that we refer to as gear up. Today. We have already identified the efficiency and revenue opportunities that are expected to drive at least $230 million in additional pre tax income.

Moreover, we are pursuing additional opportunities that will further enhance our profitability. This slide highlights some of the key components of the initiative so far through our comprehensive review analysis.

Over the past several months, we have identified more than 20 workstreams focused on enhancing revenue and reducing expenses. We are moving expeditiously and I've already begun.

The implementation