October 18, 2016 / 11:12 AM / 10 months ago

CORRECTED-BRIEF-Comerica to complete two-thirds of job cut target by 2016

(Corrects headline to say "to complete two-thirds of job cut target by 2016" not "to reduce two-thirds of its workforce by 2016")

Oct 18 (Reuters) - Comerica Inc :

* Comerica reports third quarter 2016 net income of $149 million

* Says approximately two-thirds of workforce reduction target will be completed by year-end 2016

* Q3 earnings per share $0.84

* Q3 earnings per share view $0.74 -- Thomson Reuters I/B/E/S

* Comerica Inc - $40 million in additional savings identified

* Comerica Inc - quarter-end common equity tier 1 capital ratio 10.68 percent versus. 10.58 percent

* Now expecting to drive at least $270 million in additional pre-tax income for full-year 2018

* Gear up initiative now includes expected pre-tax benefits of approximately $180 million in full-year 2017

* Qtrly net interest income $ 450 million versus $ 422 million

* Comerica - expense reduction targets increased to approximately $150 million for full-year 2017, which increases to about $200 million for full-year 2018

* Comerica Inc qtrly provision for credit losses $16 million versus $26 million

* Comerica - additional initiatives include new retirement program that will replace current pension plan and retirement account plan for most employees effective Jan 1.

* Comerica Inc - total expected pre-tax restructuring charges of $140 million to $160 million to be incurred through 2018 are unchanged

* Net interest income increased $5 million to $450 million in Q3 2016, compared to Q2 2016

* Comerica Inc sees Q4 net interest income slightly higher compared to Q3 2016 Source text for Eikon: Further company coverage:

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