Comerica Bank Named One of America's Most Responsible Companies by Newsweek; Recognized as Sustainability Leader by CDP
DALLAS, Dec. 17, 2020 /3BL Media/ -- Comerica Incorporated (NYSE: CMA) and its commitment to corporate responsibility is closing out 2020 with high marks from Newsweek and CDP.
For the second consecutive year, Comerica earned one of the top spots on Newsweek's list of America's Most Responsible Companies for 2021. The ranking recognizes 400 companies across 14 industries continuing to positively impact their communities. Comerica, placing 51st in the ranking, is the highest ranked regional bank and sixth-highest financial services company.
The rating, prepared in partnership with global data research firm Statista, is determined by evaluating the key corporate responsibility performance indicators of more than 2,000 companies across the country in the areas of environmental, social and corporate governance (ESG) performance. The rating also uses an independent survey of more than 7,500 U.S. residents.
"At Comerica, we understand that being a responsible company means taking care of our colleagues, customers, and communities, particularly in challenging times," said Curt Farmer, Chairman and CEO, Comerica Incorporated and Comerica Bank. "Our actions addressing critical topics, such as racial equity, protection of the environment and economic support for communities and small businesses, clearly demonstrates our commitment."
Comerica has remained proactive in its response to COVID-19, serving its communities, customers and colleagues during this uncertain time. Comerica Bank and the Comerica Charitable Foundation distributed more than $9 million to support small business needs and community service organizations, and most recently moved $10 million in deposits to Minority Depository Institutions. Also, as part of the Paycheck Protection Program (PPP), Comerica supplied more than $3.8 billion in loans to small businesses.
In addition to recognition by Newsweek, CDP presented Comerica with an "A-" rating on its annual Climate Change Questionnaire. CDP works to improve corporate measurement and disclosure of climate change impacts on behalf of more than 500 institutional investor signatories with a combined $106 trillion in assets. This was the first year CDP utilized a climate change questionnaire specific to the financial services sector and Comerica's 2020 rating was at the highest level among its regional bank peers.
"With a growing stakeholder desire for transparency around the impacts of climate change, particularly from the financial services industry, we have continued our long-term commitment to disclosure via CDP and are pleased to return to the leadership level," said Scott Beckerman, Comerica Bank Director of Corporate Sustainability. "We are dedicated to ongoing progress, not only in reducing our own greenhouse gas emissions (GHGs), but also in working in partnership with organizations like the Partnership for Carbon Accounting Financials (PCAF) to better disclose impacts throughout our value chain."
Comerica has reduced GHG emissions over 48 percent since 2012 and has goals to further reduce GHG emissions 65 percent by 2030 and 100 percent by 2050.
For more information on corporate responsibility at Comerica, visit the Corporate Responsibility section.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $83.6 billion as of Sept. 30, 2020.