U.S. Large-Cap Banks: Jason Goldberg's Bank Brief | Volume 23, Issue 83 | 5.11.26

Research evidence excerpt

U.S. Large-Cap Banks: Jason Goldberg's Bank Brief | Volume 23, Issue 83 | 5.11.26

employment rate held steady, reflecting slowing labor

supply alongside a decline in household employment. Estimates continue to point to slowing

income gains that could weigh on household budgets.

Company Commentary

FITB to lay off 502 employees at CMA office in Farmington Hills. Article from CBS News

Detroit titled “Fifth Third Bank to lay off 502 employees at Comerica office in Farmington Hills”

saying FITB plans to lay off 502 employees at CMA’s Great Lakes Center in Farmington Hills,

Michigan, according to a Worker Adjustment and Retraining Notification (WARN) filed with the

state. CMA’s Great Lakes Center, which opened in Aug 2024, can accommodate more than 2,000

employees and has served as CMA’s largest operations center. The layoffs are expected to

happen between July 1 and Nov 2026. Recall, FITB acquired CMA earlier this year.

Nonprofit organizations and individual customers are pushing back against CFG’s

relationships with two ICE detention center operators. Article on Banking Dive on Friday

titled “Citizens Bank customers pull money over lender’s ICE ties” saying CFG is facing

pushback from shareholders, customers and activists who want the bank to cut ties with

federal immigration detention center operators. The Greater Boston Interfaith Organization

pledged to withdraw $1mn from its CFG accounts after CEO Bruce Van Saun allegedly went back

on a promise to meet with them to discuss the bank’s relationship with CoreCivic and The GEO

Group, which each own and operate U.S. Immigration and Customs Enforcement detention

centers, it stated. Organizers for the De-ICE Citizens Bank Coalition said CFG has given CoreCivic

and GEO $2.5bn in financing.