An upgrade of Comerica Inc.’s
CMA,
technology platform inadvertently caused millions of dollars in account shortfalls in its wealth management trust unit, The Wall Street Journal reported on Wednesday. The Office of the Comptroller of the Currency is studying the technology platform change at Comerica that triggered failures on transactions for trust clients, the newspaper reported. Client withdrawals from trust assets administered by Comerica ran into trouble, leaving a hole in the bank’s funds, the report said. Greg Carr, executive vice president of wealth management at Comerica, told The Wall Street Journal that the bank has been working “swiftly” to remediate the issues. So far, the problems have caused the bank to write off $500,000, the article said. Comerica stock was up 1% in recent trading. The bank has reported $175 billion in assets under its administration in its trust unit as of Sept. 30.
