Dallas-based lender Comerica has unveiled plans to shed about 9% of its workforce and shut down 40 branches in an effort to cut costs and bolster profitability.

The bank, which comprised nearly 8,792 full-time employees as of 30 June 2016, did not disclose precise details on the job cuts and the markets to be affected.

The bank has also unveiled plans to streamline operational processes, reduce technology system applications, and make selective outsourcing of technology functions.

Comerica said that it expects to save $160m by the end of 2018 through these initiatives.

Comerica chairman and CEO Ralph Babb, Jr. said: “We are confident the initiative will improve profitability, despite current market conditions and a tough banking environment.”

The move comes after the bank posted a 23% fall in profit for the second quarter of 2016 to $103m, compared to $134m a year ago. The fall was driven by a $53m restructuring charge.

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