Comerica Inc

Downside risks to growth from trade conflicts, cost-of-living pressures on household finances and less expansionary fiscal policy were projected to collectively contribute to growth holding below its 2024 pace for the remainder of 2025 and into 2026. Reduced demand for office space and subdued economic activity in the central business districts of major metro areas are also expected to persist as drags on the broader economy. Demand for labor has cooled as businesses concentrate on investment in AI-related equipment and software. These headwinds are expected to be partially offset by the expansionary effects of fiscal policies enacted during the third quarter of 2025 as well as future policies that, at September 30, 2025, seemed likely to be enacted.

Comerica’s computer systems and network infrastructure and those of third parties on which Comerica is highly dependent are subject to security risks and could be susceptible to cyber attacks, such as denial of service attacks, hacking, terrorist activities, social engineering attacks, malware intrusion, or identity theft. Comerica’s business relies on the secure processing, transmission, storage and retrieval of confidential, proprietary and other information in its computer and data management systems and networks, and in the computer and data management systems and networks of third parties. In addition, to access Comerica’s network, products and services, its customers and other third parties may use personal mobile devices or computing devices that are outside of its network environment and are subject to their own cybersecurity risks. Evolving technologies and the increased use of artificial intelligence and automation by third parties further increase security risks for Comerica and third parties on which Comerica depends.

third-party systems is more limited than with respect to its own systems. Increasing usage of automation and a measured approach to leveraging artificial intelligence by Comerica or third parties on which Comerica relies would further increase the impact if Comerica's operational or security systems were to fail or be breached.

The financial services industry experiences rapid technological change with regular introductions of new technology-driven products and services, including the increased usage and introduction of artificial intelligence and automation within the industry. The ability to access and use technology is an increasingly important competitive factor in the financial services industry, and having the right technology is a critically important component to customer satisfaction. In addition, the efficient and effective utilization of technology enables financial institutions to reduce costs. Comerica's future success depends, in part, upon its ability to address the needs of its customers by using technology to market and deliver products and services that will satisfy customer demands, meet regulatory requirements, and create additional efficiencies in Comerica's operations. Comerica may not be able to effectively develop new technology-driven products and services or be successful in marketing or supporting these products and services to its customers, which could have a material adverse impact on Comerica's financial condition and results of operations.