Comerica Leaving Michigan/Detroit

[detwaa84]

http://www.newschannel10.com/global/story.asp?s=6183767

I really don't know what to say. I'm shocked.

[mpchicago]

This is getting ridiculous! While it

[tapezord]

unbelievable... and that is saying a lot

[joeDowntown]

While it seems like we are taking our fair share of lumps lately, I don't think it will be that big of an impact. Seattle lost Boeing's corporate offices, but I don't think it was that big of an impact.

Of course Seattle has Amazon, Microsoft, and a ton of other growing companies while we have Ford, GM and Chrysler. So maybe it isn't a fair comparison.

[detwaa84]

While I'm happy it's not more than 200 employees lost, I don't understand why its not more. If they move their headquarters, wouldn't mean the entire 1000 employees at Comerica Tower. Why would they stay there if they don't serve their function.

[Grand Rapidian]

Bummer

[Allan]

This isn't really much of a surprise to me. Banks like Comerica are a dying breed. Comerica has managed to hold its own over the last several years of bank mergers, but I think it's only a matter of time until it's acquired by Bank of America or some other large bank. I do all my banking at Comerica Bank because it is a Detroit-based bank. I doubt I'll switch banks, but I am upset by their decision.

[detwaa84]

This is Economics. I completly understand why they made the decision they made, and if you think about it, so should you. They will do whatever it takes to make themselves happy and profitable, not whatever makes Detroit prosper. These are business facts, especially during such difficult economic times.

[wolverine]

Not surprising at all. Rather, I'm surprised Comerica is even around and not gobbled up by some other bank.

[detwaa84]

Isn't 53 bank headquartered here in Southfield.

[mpchicago]

Isn't 53 bank headquartered here in Southfield.

[wolverine]

I don't think they occupy that whole building in Southfield.

[toog05]

Our modern day Great Depression is coming!

[MJLO]

Ugh, that urks me, I'm switching banks, I too, held onto Comerica because of their Michigan stronghold.

Why Dallas? Why not Phoenix, or Atlanta, or Cinci, why Dallas?

[wolverine]

The hits just hurt more here because we are struggling. Well, better now than later.

[detwaa84]

They're leaving because business is better elsewhere????? That doesn't make sense to me... more than half of their 12,000 employees are here, which means most of the customers are here and Michigan has more of the banks branches than any of the other states combined. If they want to be close to the business, it should be here. I don't understant at all the reason to why they chose to relocate. Can someone please clarify.

[nofunk]

I'm confused about that as well, detwaa. Given current technology and the nature of their business, I can think of no significant reason why they would need to relocate to "where the business is." It's not like in manufacturing, where you gain economies by being close to suppliers, distributors, etc. All their business is electronic!

Honestly, I'm more peeved by Granholm's comments I heard on NPR on the way home today. Of course, I can't find the quote online now, but she said something to the effect of "this will be an opportunity for us to show other banks what a great place Michigan is to do business..."

She needs to get real. This state is hemorrhaging jobs across all skill levels, and I really wish she'd stop making things sound bitter-sweet when they're really just bitter. I desperately want to see her to do great things, but the first thing she needs to do is take off the rose-colored glasses.

(And with that I'll stop with the clich

[RustTown]

This is just gettting absolutely ridiculous. It seems that it's not just the ex-Michiganians that love to kick us when we're down, but our corporate neighbors, too. It's true that this blow is much more a blow at our pysche, but it still hurts nonetheless. It hurts more because we're struggling to grow and retain these white collar jobs. This "Grass is Greener on the Other Side" syndrome is killing us.

Dallas who, Dallas what?

[dtown]

The north should sucede from the union...

Im tired of the negative nancy's too. Last year somebody moved into my neighbor hood, he was from Vegas. Everyone said for like 2 weeks- why would he move here?!

I grew tired of it, very quickly.

[detwaa84]

I just hope this doesn't stop other companies from wanting to relocate/stay in Detroit, or the region as a whole. I'm really craving some good news tomorrow, like "Trump to build a 90-story building in downtown..... or LaSalle Bank will relocate to Detroit, in that building."

LaSalle Park: Home of the Detroit Tigers.

[statedude3]

So much for "Comerica caring about community" like they always shove down our throats. My company left Comerica a few months back because their product was terrible in comparison to when we joined them 2 years ago.

[Ka3kab]

Weird, I think now that Citizens Bank (Flint) is the largest bank based in Michigan.

[RustTown]

I'm not ever going to call Comerica Park by that name, again. I swore I'd never call CoPa Tiger Stadium, but I think, now, I'll start calling it the New Tiger Stadium.

[rivegauche]

5/3 Bank is headquartered in Cincinnati and their Michigan operations are based in Grand Rapids.

[wolverine]

Well, for all you closing your accounts, you do have a lot options. Citizens is great, but they don't have branches everywhere. I used to bank with them until I was no longer in Saginaw. It's fine to bank with TCF, National City (which I bank with), 5/3, and Chase. Judging by the sizes of the spaces they occupy, they sure do provide a lot of jobs to Michiganders, not to mention their branches as well. I had always wished National City would have chosen or built a new downtown location instead moving into that horrible top of troy building. Although I must admit it looks a lot better since N/C moved in.

Not quite sure how moving the whole company south to expand in the south does much overall. Couldn't they have created a seperate regional headquarters? The move seems silly when the majority of their banks are in Michigan. Kind of jumping the gun if you know what I mean. I would have thought they would try to expand some more before entirely leaving.

As for the tower itself, I hope it's changed back to Detroit 1 Center. Hines Interests owns it, so they can call it whatever the hell they want to. I doubt it will stay empty long. There might be a bit of reshuffling throughout the metro area. The tower is still prime class A office space.