When the regional banking crisis roiled the sector this spring, Dallas-based Comerica Bank felt the effects, seeing a decline of $3.7 billion in deposits in the three weeks following the failure of Silicon Valley Bank. Cassandra McKinney, executive director of the retail bank at Comerica, said she and her team focused on having meaningful discussions with customers about their money management options during this difficult period.
"Addressing their concerns and questions about the safety of their funds became our topmost priority, fostering trust and confidence during challenging times," she said.
McKinney leads Comerica's retail line of business, directing strategy and execution for its consumer and small-business banking segments nationally, which generates $800 million in revenue. McKinney is accountable for over 2,500 employees at the bank, as well as 408 banking centers, 630 ATMs and ITMs and a loan and deposit portfolio worth $28 billion. She also sits on Comerica's management executive committee.
A major current focus for McKinney is a strategic initiative the $91.3 billion-asset Comerica is calling "Retail Reimagined," which kicked off in April 2022. The key goals of this project are creating effective distribution and consistent operating models while also expanding the small-business segment.
Part of the small-business strategy, for which McKinney was appointed the executive leader, included the launch of Convenient Capital, a digital lending platform that offers faster approvals and funding to customers. The strategy also includes a marketing program that provides small-business clients with access to workspaces, advertising, event tickets and equipment discounts. Retail Reimagined is expected to be fully implemented this year and to deliver over $120 million in operating benefits and growth for the bank.
McKinney's commitment to the banking community goes beyond the responsibilities of her job. She sits on the board of the Consumer Bankers Association, where she serves on the education committee, and contributes to multiple industry councils and financial services roundtables.
Additionally, she is a founding member and chair of United Way Metropolitan Dallas Women of Tocqueville and the Greater Denton County (Texas) Chapter of The Links, Inc., one of the largest social and service organizations of Black women in the U.S. She also serves on the President's Council Advisory Board for Dallas's Booker T. Washington High School for Performing and Visual Arts.
McKinney — who first joined Comerica in 2005 as retail director of product and sales management after 10 years at Bank of America — prioritizes having a diverse workforce as a key business imperative. She requires all candidate pools for senior leadership positions to include diverse applicants to be considered for the job. That has led to her attaining 83% diversity across her retail leadership team and 43% among senior leaders within retail.
McKinney said16 members of Comerica's senior leadership and five of the 15 members of the company's directors are women. "There is always more that can be done, and we will continue to work hard to close the gender equality gap," she noted.
She promotes monthly events, which cover topics including gender identity, autism awareness and fostering work-life balance, to further her diversity mission at the bank.
"We have better outcomes when we cultivate the strengths and perspectives of our broader community," McKinney said.
