OCC probing Comerica after technology upgrade led to errors, WSJ reports

The Office of the Comptroller of the Currency, or OCC, has been probing Comerica after a botched technology upgrade left the bank’s wealth-management unit short millions of dollars, people familiar with the matter told The Wall Street Journal’s Gina Heeb. A wealth management platform change at the bank led to widespread errors on transactions for trust clients and executives at the bank told staff the errors could force them to potentially write down any funds they weren’t able to chase down, the report stated. Greg Carr, executive vice president of wealth management at Comerica, told the Journal the unit experienced “really standard issues that occur during a conversion of this significance” and that some of those issues had been resolved. No bank or client money was ever missing, the VP is quoted as having said.