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Comerica HQ moving - 1Souldrummer126 03-08-07  2:42 pm
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Ericdetfan
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Post Number: 16
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Posted on Tuesday, March 06, 2007 - 9:47 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

TCF Bank is Michigan based, out of Ann Arbor. They don't have any Detroit branches yet, but they just opened a new branch in Dearborn Heights. The have very convienient hours, all branches are open 7 days a week.
Maybe they will pick up one of the old Comerica branches, since I'm sure they will close some.
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Mbr
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Posted on Tuesday, March 06, 2007 - 9:47 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Apparently Texas gave them $3.5m to move.

http://www.kten.com/Global/sto ry.asp?S=6187857
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Scs100
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Posted on Tuesday, March 06, 2007 - 9:48 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Can we sue them for bribery? I somehow suspect that Abramoff (spelling?) was in on this deal. :-)
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Rhymeswithrawk
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Posted on Tuesday, March 06, 2007 - 9:53 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Basically those corporate executives in Comerica Tower don't give a hoot about KING KWAME and his mostly Black Detroit</b..>black problems at all except for few Mexican immigrants.

Seriously, Danny, what is your problem? Do you realize how much of a bigot you come across as?
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Thnk2mch
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Posted on Tuesday, March 06, 2007 - 9:57 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

From what I understand, the majority of people that would move to Texas, are already doing
"Texas" work here.
Comerica is setting up shop there so they can expand to become a "National" bank. They need to expand so they won't be "swallowed up"
They are able to expand their business to that capacity in Texas, not in Michigan. They are pretty well set here.
They currently process all of Texas, California, Florida and Michigan's work here now. That will stay the same.
Texas is in middle of it all - hence new HQ there.

On a side note:
Do you think the State of Michigan banks with Comerica?
I don't.
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Blackhelicopter
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Posted on Tuesday, March 06, 2007 - 9:59 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

This sort of thing happened in Seattle a few years ago with Boeing moving its HQ to Chicago, though obviously that area's strong economy could weather the loss.

As some have pointed out, it's the number of jobs that will be moving in the next few years, not the move of the HQ, that really matters. If the region can get its act together (I am partial to what Lowell suggested!) in 5 years or so, the bank may keep a lot of those jobs here.

In Seattle's case, a strong economy and the fact that most of the company's jobs stayed in the area meant that the impact was muted, but losing an iconic company that was the key driver of the city's growth was a huge blow psychologically, the equivalent of GM / Ford moving to some place like California.

Definitely another clear indicator that the region needs to cooperatively invest the various resources it still has to make the area attractive to people outside the state.
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Michigansheik
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Posted on Tuesday, March 06, 2007 - 10:00 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

what's the Dallas income tax rate?
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Thnk2mch
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Posted on Tuesday, March 06, 2007 - 10:01 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

TCF Bank is Michigan based, out of Ann Arbor



TCF is a Wayzata, Minnesota-based national financial holding company with $14.7 billion in total assets. TCF has 453 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana and Arizona.
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Tiorted
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Posted on Tuesday, March 06, 2007 - 10:01 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

gotta love the last paragraph from Comerica's company history web page:

quote:

Through its more than 150 years, Comerica has reinvented itself many times, but two things have never changed: The customer comes first and Detroit is still called home.



I'll be closing my account this week
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Ericdetfan
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Posted on Tuesday, March 06, 2007 - 10:09 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

thnk2mch,

my bad, I could of sworn I read that they were Michigan based..Maybe their Michigan base is in Ann Arbor..lol.

good bank anyway
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Bob
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Posted on Tuesday, March 06, 2007 - 10:09 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I think regionalism is going to happen just for survival in this state. We cannot afford to fund everything we are funding right now. The state does not have enough money to fund all these little municipalities and school districts. Regionalism is going to happen (by choice or force) because there will be no other way for survival for many. Maybe this could be a good thing that comes out of this disaster.
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Ericdetfan
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Posted on Tuesday, March 06, 2007 - 10:16 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Thats wierd tho, cause their tagline is "TCF, Michigans most convienient bank."

Just a regional thing?
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Lilpup
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Posted on Tuesday, March 06, 2007 - 10:29 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

TCF bought Great Lakes Bank, which had their HQ in Ann Arbor. I think it's TCF's main office in the state.

But when we last shopped banks TCF couldn't touch Charter One for small biz banking.
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Llyn
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Posted on Tuesday, March 06, 2007 - 10:30 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

Comerica is setting up shop there so they can expand to become a "National" bank. They need to expand so they won't be "swallowed up"
They are able to expand their business to that capacity in Texas, not in Michigan. They are pretty well set here.
They currently process all of Texas, California, Florida and Michigan's work here now. That will stay the same.
Texas is in middle of it all - hence new HQ there.



I think I respectfully pretty much disagree with all of this.

First they already are a national bank. They have many offices in Texas and CA and a few in Arizona and FL. It's not about where the HQ is located.

Second, they are already expanding out of state and have been doing so for around a couple decades now. They don't need to be in Texas to do this.

Third, I'd like to know the source on their processing all the out-of-state work here. Banks normally set up "back room" operations in whatever state they operate in... sometimes in multiple locations in the same state. Everything I've read on Comerica indicates they operate in just that way.

That last observation is supported by the WWJ report that indicates that only about 200 employees are moving to Dallas. That is not nearly enough for all their operations and processing.

They only big advantages I can see are (1) travel time to the west coast (but now you have to travel back to Michigan - so does that really save anything?) and (2) hiring because Texas (?) is supposedly so much better?

This thing is a joke. I have yet to be convinced of a good business reason. I think it's more about dissing Michigan and it's economy - I really do. Screw these guys after all the posturing about being a hometown bank. They've not only lost my respect, but I actively reject them now.
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Ericdetfan
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Posted on Tuesday, March 06, 2007 - 10:34 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

lilpup,

ahhhh, ok. Figured it must be something like that.
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Milwaukee
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Posted on Tuesday, March 06, 2007 - 11:56 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Sorry to hear the bad news. This sucks
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Bvos
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Posted on Wednesday, March 07, 2007 - 12:17 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

TCF is indeed based out of Wayzata, a richy-rich suburb of Minneapolis. They used to be in downtown Mpls until they got a new CEO who didn't want to live or work in the city of Mpls like the former CEO did.

TCF of Michigan is now in Livonia after moving out of Ann Arbor.
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Barnesfoto
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Posted on Wednesday, March 07, 2007 - 12:24 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Well, La Salle Bank has invested significantly in Detroit by funding new housing, grants and loans and new branches
Rymes wrote:
"Yeah, namely the Book-Cadillac".
They have funded much more than the B/C.

La Salle Bank has been funding housing development in Mexicantown/Hubbard Richard, including St.Anne's gate, and individually owned homes.
Before they became La Salle, they were Standard Federal, and SF passed out numerous small 5k/5 year forgivable loans in Southwest Detroit.
(Several of my rehab friends in Hubbard Farms got them back in the late 90's)

La Salle, based in Chicago, has been active in investing in neighborhood development there too.

While Comerica has been divesting for years,
(many neighborhood branches were closed in the nineties, which btw, was when Engler was in power)
La Salle has been the first bank to open a new branch in Southwest Detroit in decades.
That's why I urge all of you to open accounts there, and tell them you are supporting a bank that supports Detroit.

VOTE WITH YOUR WALLETS. Support businesses that support your neighborhoods!
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Nyburgher
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Posted on Wednesday, March 07, 2007 - 12:27 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

That's right, technically Boeing is based in Chicago but it's not a big deal. It might be a small thing. Seems like they are setting themselves up to go either way.
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Chitaku
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Posted on Wednesday, March 07, 2007 - 12:27 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Credit Union one is a great bank.
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Livernoisyard
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Posted on Wednesday, March 07, 2007 - 1:10 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

A safe assumption about those two hundred jobs leaving Detroit:

These would be the highly paid major/middle executives and their staffs--definitely not ordinary staff positions. One would expect most of them to leave as they're company men and women. Of course, some will remain behind to mind the store in Detroit.

After they settle in and set up shop in DFW, expect lots of others in Michigan to also leave, especially for those planning to climb the company ladder and be near the focus of business.
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Detroit313
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Posted on Wednesday, March 07, 2007 - 3:17 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

That's is depressing. But Detroit will rise again! It is already so don't worry in time Comerica will want to return, Dallas is a nice place But Detroit is really a better city. 313
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Rampartstreetnorth
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Posted on Wednesday, March 07, 2007 - 6:32 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Plenty of older, cold weather cities have either made strong comebacks or never lost their edge. If weather is the determining factor, how can the success of Boston be explained? And remember all the Cleveland jokes after the Cuyahoga River caught fire? Cleveland has turned itself around, and you don't hear those anymore...
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The_rock
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Posted on Wednesday, March 07, 2007 - 7:03 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I have pulled my money out of Comerica, and have put it in my mattress. The trouble is that the mattress was made in Canada.
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Danny
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Posted on Wednesday, March 07, 2007 - 8:30 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Rhymeswithrawk,

I didn't wrote that Comerica is leaving Detroit because of black problems. I wrote Those folks in those corporate executives in Comerica Tower don't give a hoot about KING KWAME and his mostly Black Detroit in a second person sentence that includes the word's black problems and Mexican immigrants. If I have wrote the word " I think that..." to the text of race and class than I could be a bigot. Please read my codespeak first before make any comments and criticisms.
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Mrjoshua
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Posted on Wednesday, March 07, 2007 - 9:27 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Daniel Howes: Who will save state when even boosters bail?
Wednesday, March 07, 2007
The Detroit News

By her own admission, she didn't know about the Comerica decision until Monday. She didn't know about Pfizer Inc.'s decision to close operations in Ann Arbor and Plymouth until it was too late. She expressed shock when Delphi Corp. filed for bankruptcy, even if many others weren't. She learned of Kmart Corp.'s decision to acquire Sears from me, in a German restaurant.

Even if state economic development efforts were not a factor in Comerica's decision to move -- and several directors say they weren't -- the Comerica decision and Granholm's reaction to it yet again raise troubling questions about the effectiveness of those efforts and the governor's ties, if any, to key business leaders.


http://www.detnews.com/apps/pb cs.dll/article?AID=/20070307/O PINION03/703070385
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Bratt
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Posted on Wednesday, March 07, 2007 - 9:29 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Yes, Comerica Bank is in TX, CA AR and so on. The majority of the work is here in Michigan though....most of it. I can't tell you how I know...confidential information.

I don't like this news....I really don't. It feels as if they are ashamed of saying their headquarters are in Detroit. If the majority of their business is here...their headquarters should be here too. But from reading everyone's posts about pulling out their money (and I have heard business people say the same thing)...maybe most of their business won;t be in Detroit anymore. They had to have planned for losing customers with this announcement though.
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Iheartthed
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Posted on Wednesday, March 07, 2007 - 10:16 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

"It feels as if they are ashamed of saying their headquarters are in Detroit."

That's really what it sounded like to me as well. As if there is some taboo about saying you're based in Detroit now.

What's kind of mind boggling to me is that this has been in the planning for 3 years. That's a long time to go and stay that tight lipped about something. Obviously, staying in Detroit (or Michigan period) was never an option or else they would've approached local government officials about matching offers. They never even gave Detroit or Michigan the chance to compete for it!

So, if you support the city of Detroit and/or the state of Michigan then you're a fool to keep your money in that bank. Let them go chase all those Texas and Sun Belt dollars.
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Perfectgentleman
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Posted on Wednesday, March 07, 2007 - 10:17 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I thought Granholm's comments on this matter this morning on WJR were amazing . She said something to the effect that "It should be a major wake-up call to all of us that large companies are putting shareholder value before the interests of the community."

I think most of us out there already knew this, she still seems to have a fundamental misunderstanding of the capitalist system. Her Canadian roots are showing....
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Psip
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Posted on Wednesday, March 07, 2007 - 10:29 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

There has got to have been a new tax law or banking regulation that makes this viable for them.
Where are our hard working Senators? One would think issues like Pfizer, Stroh Ice Cream and Comarica leaving in the past month would give them some reason to come out of their spider holes. I guess not.
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Thnk2mch
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Posted on Wednesday, March 07, 2007 - 11:10 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

First they already are a national bank.


No ,they are not a National Bank.

The inclusion of the word "National" in the bank's name or the designation "National Association" or its abbreviation "N.A." is a required part of the distinguishing legal title of a national bank, as in "Bank of America, {N.A." Many "state banks," by contrast, are chartered by the applicable State Government (usually the State's Department of Banking), although the banks are still typically regulated by the Federal Deposit Insurance Corporation (FDIC), who insures their deposits.}

Comerica is currently a "State Bank"







quote:

Third, I'd like to know the source on their processing all the out-of-state work here.


I am close to some of the 7300 people that work there, that live in Michigan, that do it for a living.






quote:

That last observation is supported by the WWJ report that indicates that only about 200 employees are moving to Dallas. That is not nearly enough for all their operations and processing.



Which is because 7300 people are staying here.
To process the work.
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3rdworldcity
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Posted on Wednesday, March 07, 2007 - 11:12 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Perfectgentleman: You're so right about Granholm. When I read her comment in the paper I laughed out loud. I dealt with her a couple of times while she was a Wayne County lawyer (re: FOIA requests.) She is very dense. She's a danger to the State. (I'm an independent voter so I don't have a dog in the political fight.)

Psip: There's no "new law" that makes it "viable" for Comerica to move. What could possibly make you think there is?

And, what would you have our Senators do after they "come out of their spider holes?" Legislate against such interstate commerce? As a shareholder I believe that the move is long past due. Do you have ANY idea how the world works?

Don't you realize that Directors of public companies have a fiduciary duty to the SHAREHOLDERS, NOT the city, state or anyone else?
Their action was way past due and we shareholders are very happy with it.

If you want to change things, great. Elect representatives who know what they are doing, can grasp the nature and extent of the States's problems, and rally sufficient support from both parties to make this state economically viable again. Hint: amonmg the many ways to do that is to CUT SPENDING.

(Message edited by 3rdworldcity on March 07, 2007)
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Spiritofdetroit
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Posted on Wednesday, March 07, 2007 - 11:15 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Well since the City banks with Comerica, I bet the county does too. Does the state?

If all three worked together, perhaps they could entice another bank to create a Detroit presence in exchange for the accounts of Wayne County, City of Detroit, and State of Michgan... Billions of $$$$
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3rdworldcity
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Posted on Wednesday, March 07, 2007 - 11:33 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Spiritofdetroit: Billions???? All three of them are broke. Remember.
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Lt_tom
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Posted on Wednesday, March 07, 2007 - 11:34 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Scs, abramoff could definitely be behind the bribery, but if anything, I would put my bet on JR Ewing and his Ewing Oil money.
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Spiritofdetroit
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Posted on Wednesday, March 07, 2007 - 11:59 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

3rdworld-
Comerica handled hundreds of millions each year for the city alone. The city uses all of its payroll through Comerica, and all of its forecasting/analysis, plus general fund accounts. Its a big account for the bank. The 3.7 billion expenditure fund from the City of Detroit is routed through Comerica
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Quinn
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Posted on Wednesday, March 07, 2007 - 12:02 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Spritofdetroit...what are some banks that would move headquarters here? I love the idea, but I'm not sure any major bank would want to incur the expense of moving...I don't know...do the benefits outweigh the other issues (City and State in financial woes, Industry in financial woes, people fleeing the area like it's the Titanic)

Also, I know they say the bulk of people will stay in Michigan, but I don't believe for long (doesn't make sense does it?).

I've never been a comerica customer, but out of shear disgust I would close my account today if I had one.

Anyone have any inside scoop on whether or not the City or State was blindsided by this? I'm wondering what the behind the scenes workings were like between local officials and bank managers to keep them here. That would be an interesting story/point of view.
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Psip
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Posted on Wednesday, March 07, 2007 - 12:06 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

No, 3rdworldcity, I have no clue how the world works.
Please, with your infinite wisdom and great intellect, illuminate us (me) darkened people.
/sarcasm off
I showed respect to you on the "Detroit News Editorial Editor" thread. Now you continue to spread your condescending attitude. At this point, it is clear who the clueless person really is.
DetroitYES deserves better then your self serving babble.

06-07 budgets
City Budget $3,661,841,430 http://www.ci.detroit.mi.us/bu dget/2006-07_Redbook/Financial Overview&Summary/Adobe_Redbook _Charts_07/I_Appro&Revenues.pd f
Wayne County $2,700,000.00 http://www.waynecounty.com/mgt budget/budgetDocs/2006_07/budg etSummAll.pdf
State $43,876,261 (04-05)
http://www.michigan.gov/docume nts/05_SOAgw_146334_7.pdf

Yes that is a few BILLION
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Quinn
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Posted on Wednesday, March 07, 2007 - 12:24 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Does the state have it's accounts with Comerica?
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Aiw
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Posted on Wednesday, March 07, 2007 - 12:26 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:


Richard_saunders
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Username: Richard_saunders

Post Number: 65
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Posted on Tuesday, March 06, 2007 - 1:55 pm:

------------------------------ ------------------------------ --------------------
They make cars in Ontario because they are required to do that to sell them in Ontario.



FALSE.

The Autopact ended years ago. There is no requirement of any manufacturer to built anything in Ontario.

GM, Ford, DCX, Honda, Toyota and Hino Trucks all operate assembly plants in Ontario.

The Honda, Toyota and Hino plants are all non-unionized.

(Message edited by aiw on March 07, 2007)
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Danny
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Posted on Wednesday, March 07, 2007 - 12:42 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

To those who have a Comerica Bank account. CLOSE IT and take your money to other banks. That loves Detroit and its communities.
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Swingline
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Posted on Wednesday, March 07, 2007 - 12:49 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Yes, pressure from Wall Street and the financial markets necessitated the move. That pressure was a financial reality that was depressing the market value of the company. The directors have a duty to maximize shareholder value.

What is unfair, though, is that there is really no objective reason why Comerica's operations can't generate the same amount of revenue with its HQ located in Detroit. If expansion is possible in the Sunbelt, fine, open the necessary branches and back office operations there. Hire the necessary regional management persons and locate them there. They could make money regardless of whether their HQ is in Dallas or Detroit. The problem is that the Wall Street pressure on the share price is based largely on perceptions. Perceptions that executives located in a Rust Belt, majority black city don't know how to make money 21st Century style. Perceptions that executives located in the middle of an area with a declining economy don't know what they're doing. These perceptions are wrong and they are unfair. But they are financial reality and the Comerica Board of Directors had to make the decision to move.

So, I understand the decision. Likewise, I'm sure that Comerica will understand the perceptions of Detroiters who take their business elsewhere. Sure, Comerica can continue provide the same or better service than many of its local competitors. But lots of Detroiters now have the perception that Comerica doesn't care about Michigan and that they will be better served by other banks that aren't relocating. I know that it would not be a completely rational decision, but if I had a Comerica account, I would be closing it. I wonder what the true cost of the lost business locally will be.
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Misssocks
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Posted on Wednesday, March 07, 2007 - 12:54 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Good idea, Danny. Maybe we can eventually close down all the Comerica branches in town and cause all those employees to lose their jobs. "Loving Detroit" has nothing to do with how business is run. Do you always react this emotionally? Give your intellect a turn once in a while.
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Lilpup
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Posted on Wednesday, March 07, 2007 - 1:01 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

As a shareholder I believe that the move is long past due. Do you have ANY idea how the world works?

Don't you realize that Directors of public companies have a fiduciary duty to the SHAREHOLDERS, NOT the city, state or anyone else?
Their action was way past due and we shareholders are very happy with it.


lovely display of Comerica's attitude ~
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Fastcarsfreedom
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Posted on Wednesday, March 07, 2007 - 1:04 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

You know I'm at an absolute loss--perhaps it's because I've only lived in the area for 14 years...but, I don't understand the anger and resentment--I mean, to a degree I do, it's an ego blow--but really, this is a business decision related to where the economic growth is in this country and nothing more. Comerica's pressers on this issue are quite clear that are continues to be well over 7000 jobs in SE Michigan--that is a MASSIVE presence which is of vital importance. Instead of wound-licking and foot-stomping, the powers that be should working to ensure those jobs stay, and that more back-office jobs come here--HQ location aside. Is this reaction merely because Comerica is the last to go? Was there this gnashing of teeth when First Chicago bought NBD and moved the HQ to Chicago? Or when BankOne dropped the NBD name? How about Michigan National? Most of the NBD and MN jobs are long gone--we still have Comerica's--and the folks in those jobs deserve our support, encouragement and our business.

The reality is folks, that Comerica is a juicy takeover target and perception-wise, being Dallas-based will make it even juicier. If and when the day comes that those signs change to Wells Fargo or USBank or Wachovia--we need to be in a position to fight to keep the local presence--not lose it all to Charlotte. As for the city and others taking their business elsewhere...where are they going?...NY-based Chase? 5/3, NationalCity or Huntington from Ohio? LaSalle that's sort of out of Chicago but is really part of a Dutch company called ABN AMRO? Maybe those banks, with a fraction of the local employment Comerica has "love" Detroit and Michigan more?

I understand the emotion on this issue--but really, the reaction to this move is indicative of the very reluctance to change and evolve that is driving businesses away from the state.
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Spiritofdetroit
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Posted on Wednesday, March 07, 2007 - 1:04 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Quinn-
I would highly doubt that a bank would relocate a HQ here, BUT I think that a bank could be lured here to open open a substantial branch office in downtown. Perhaps other local businesses could pull together with the local governments to offer their accounts in exchange for the presence. The press they would get would would be great for them if they were looking to expand in the Michigan/Midwest markets.

And, yes, it appears Comerica has been working on this for over a year, but informed the City and State only on Monday night, hours before press. Granholm ask what incentives she could offer to chaneg their mind, and they simply said the decision has been made
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Lilpup
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Posted on Wednesday, March 07, 2007 - 1:09 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

Is this reaction merely because Comerica is the last to go?


Had Comerica been bought by another entity you wouldn't have the resentment.
Comerica just picked up and left of their own accord. That's a great big F*ck You to the city and the state.

(Message edited by lilpup on March 07, 2007)
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Oliverdouglas
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Posted on Wednesday, March 07, 2007 - 1:18 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Exactly. Lilpup.

And remember when Burroughs and Sperry merged and planned to maintain dual HQ's in Detroit and Blue Bell, PA? That lasted about five minutes. I'm closing my account as soon as the new 5/3 opens at the end of my street. They may be Ohio based, but, they always were. Comerica is a 150+ year old Detroit company that is fully aware of the impact its move will have on its home community. Fuck'em.
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Tompage
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Posted on Wednesday, March 07, 2007 - 1:24 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

It may be just me, but I'd feel much worse about Comerica leaving if they went to Troy or Southfield or Auburn Hills, etc. rather than to Texas. At least this emphasizes that we are all in this together in Michigan generally, and in the Detroit area specifically.
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Iheartthed
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Posted on Wednesday, March 07, 2007 - 1:32 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

NBD didn't change their name to BankOne. They were acquired by BankOne (who changed the name for them) and then Chase.

As for this being a good business move for Comerica? Time will tell. I know one thing, though, is that reducing the amount of money that Comerica controls will hurt their stock price a hell of a lot more than the perception of the region that they are headquartered. Comerica essentially said that they were more interested in their image in the Sun Belt than their loyalty back at home. That's a big statement but they are entitled to their opinion. As I said before, you'd be a damn fool to keep your money in that bank if you care one bit about the city and state.

Large banks exist in Ohio. I don't think Ohio has a much better image than Michigan right now, nationwide. So whatever, let them go. Just don't let them forget that Michigan still controls upwards of 45% of that company...
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Psip
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Post Number: 1520
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Posted on Wednesday, March 07, 2007 - 1:35 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

A little about the Chairman and CEO Ralph W. Babb Jr.
Ralph W Babb Jr
Total Compensation: $3.2 mil (#315)
5-Year Compensation Total: $10,347 thou

Ralph W Babb Jr has been CEO of Comerica (CMA) for 3 years. Mr. Babb Jr has been with the company for 10 years . The 56 year old executive ranks 27 within Banking

Education
College: University of Missouri BS ' 71
Graduate School: NA
http://www.forbes.com/static/e xecpay2005/LIRIT6A.html?passLi stId=12&passYear=2005&passList Type=Person&uniqueId=IT6A&data type=Person

Born in Sherman, Texas, Mr. Babb holds a B.S. degree in business administration from the University of Missouri.
http://www.chicagofed.org/abou t_the_fed/board_of_directors_b abb_ralph.cfm

He is a good ol'boy from Texas. He just wants to be closer to home. Most likely he doesn't want to pay city and state taxes either.

TEXAS=No State Income Tax
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Quinn
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Posted on Wednesday, March 07, 2007 - 1:37 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Well since this seems to be a sucker punch, given they only told Granholm/Kwame Monday night...then this is totally BS.

Whoever is on here saying it's a business decision...come on! This is a big FU to the city and state. Why wouldn't they use their move as a bargaining chip and negotiate with the city/state for the past year? THAT'S a STOOOPID business decision I think!

Tompage, I'd feel better if they at least stayed in Michigan. This is a double blow as it's seen to represent corporate ill-feelings toward our whole region.

It's like the Titanic around here...geesh.

Okay okay...oohmmm. Ohmmmm. Serenity Now. Serenity Now.
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Tompage
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Posted on Wednesday, March 07, 2007 - 1:42 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

It may be just me, but I'd feel much worse about Comerica leaving if they went to Troy or Southfield or Auburn Hills, etc. rather than to Texas. At least this emphasizes that we are all in this together in Michigan generally, and in the Detroit area specifically.
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Udmphikapbob
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Posted on Wednesday, March 07, 2007 - 2:14 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

anyone hear the commercials on WXYT during the Tiger broadcast?

something about "enduring relationships" and business being about more than numbers...
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Janesback
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Posted on Wednesday, March 07, 2007 - 2:24 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

If weather is the determining factor, how can the success of Boston be explained

------------------------------ -------

It has the hub of technology and informational systems, U.S. 128, giving residence to Raytheon, G.T.E., Honeywell, and numerous other hi-tech corporations, as well as some of the most educated citizens in the U.S.

I lived there for 5 years, lots and lots of students that move there for school, fall in love with Boston, stay there and seek employment. Harvard, M.I.T., Boston University, Boston College, Wentworth are a few and those colleges have only the cream of the crop. Jane
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Quinn
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Post Number: 1182
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Posted on Wednesday, March 07, 2007 - 2:29 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Someone didn't include the marketing department in on their "year-long-plan" to give us the finger.

Operation "March Surprise!"
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Fastcarsfreedom
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Username: Fastcarsfreedom

Post Number: 141
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Posted on Wednesday, March 07, 2007 - 2:57 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

People keep mentioning Boston--here's a reality check--Fleet, Shawmut, Bank of Boston, BayBanks...all Boston-based, all gone bye-bye. Boston is a sterling example of a city that no longer has a locally based bank.

Want to look somewhere smaller--how about Buffalo, NY--they recently lost the "headquarters" of HSBC to Wilmington, Delaware--but, surprise, HSBC has kept the majority of it's employees in Buffalo, at the building that bears it's name--and no one is ripping the logo off of HSBC Arena either.

You may not agree with my "cold" judgement on this being a business decision--but I think this is a time this city and region really needs to get past the wound-licking stage.
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Iheartthed
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Posted on Wednesday, March 07, 2007 - 3:02 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

HSBC is headquartered in London...
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Goat
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Posted on Wednesday, March 07, 2007 - 3:03 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

It's a STOOPID (or is that three O's?) business decision to go where all the growth potential is? Considering the state of affairs (education levels, gov't; both state and local, economy) in this area I am suprised that more companies are not leaving.
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Fastcarsfreedom
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Posted on Wednesday, March 07, 2007 - 3:11 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Iheartthed--you beat me at my own game. I went out of my way to mention that LaSalle's parent company is Dutch while failing to acknowledge that HSBC is in fact a British bank. I stand corrected--my reference was to HSBC Bank USA, which was previously Marine Midland Bank--which was founded in Buffalo in 1850. HQ staff was dispersed to NYC and Wilmington around 2000, but the majority of HSBC USA's employees have remained in the Buffalo area. Thanks for keeping me sharp.
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Bucket
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Posted on Wednesday, March 07, 2007 - 3:12 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

The company stated that they are moving in part to chase the growth they are seeing in TX, CA, FL and AZ as opposed to stagnation at home in MI.

At least one wall st. analyst doesn't see it that way:

"NEW YORK, March 7 (newratings.com) - Analyst Richard X Bove of Punk Ziegel & Co maintains his "sell" rating on Comerica Inc (ticker: CMA). The target price is set to $62.

In a research note published this morning, the analyst mentions that the company has been unable to gain traction in the new markets. Comerica has been losing deposit market share in all the regions, except Michigan, the analyst says. The company is unlikely to undertake acquisitions in the near future, Punk Ziegel & Co adds."
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Iheartthed
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Posted on Wednesday, March 07, 2007 - 3:19 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

"HQ staff was dispersed to NYC and Wilmington around 2000, but the majority of HSBC USA's employees have remained in the Buffalo area. Thanks for keeping me sharp."

No problem. But I have a feeling that the large presence in Buffalo won't be around very much longer as they're almost finished constructing a very large tower on 42nd St in Manhattan (just outside of Times Square).
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Janesback
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Posted on Wednesday, March 07, 2007 - 3:20 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Customer services in turn are being sent overseas to such countires such as India, Indonesia, Phillipines . Try calling on your bank credit/debit card and chances are you are going to be talking to them. Hopefully, you will be able to understand them when you need some help (pronto).

Anything to save a buck, increase revenues to the shareholders and give millions to the CEO or CFO.... Jane
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Livernoisyard
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Posted on Wednesday, March 07, 2007 - 3:28 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Ford had its cash accounting done in India for years now already. Merrill Lynch uses Indians too for the customer relations this entire decade, so far.

I had a few telephone calls from some country the past few days alerting me to a professional job fair on Tuesday or Wednesday in Livonia. I tried to connect their accents with a foreign country but wasn't able--sounded East European, though, and the calls were caller-ID blocked.
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Iheartthed
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Posted on Wednesday, March 07, 2007 - 3:33 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Ironically, I think (please correct me someone if I'm wrong) that Comerica was one of the very few large banks that doesn't out source overseas. If so, I think it's safe to say that it won't be that way for very much longer.
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Thejesus
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Username: Thejesus

Post Number: 712
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Posted on Wednesday, March 07, 2007 - 3:34 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

So people, how's the Comerica protest/boycott going so far?

Have they caved in and decided to stay in Detroit yet?
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Burnsie
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Username: Burnsie

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Posted on Wednesday, March 07, 2007 - 3:44 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Here is what happened to NBD:

In late 1995, First Chicago acquired NBD, resulting in First Chicago NBD. In 1998, Banc One acquired First Chicago NBD, resulting in Bank One and the discontinuance of the NBD name. In 2004, JPMorgan Chase acquired Bank One, and kept the JPMorgan Chase name.

Michigan National lost its independence in 1995 when it was acquired by an Australian bank, which later sold it to ABN AMRO.
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Scs100
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Username: Scs100

Post Number: 552
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Posted on Wednesday, March 07, 2007 - 4:04 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Was there something implied in the statement by the CEO that was along the lines of:
"We are leaving because we can't find a good work force, and Austin is right down the road," or am I just thinking that way?
If that is true, and I went to U of M, I'd probably take that as a slap in the face.
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Iheartthed
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Post Number: 479
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Posted on Wednesday, March 07, 2007 - 4:28 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

:::slap:::

"Part of the rationale is about attracting and retaining talent. Babb said Comerica has a “talented group of Michigan employees.” But he conceded that recruiting top talent to Detroit isn’t easy. “There is a question, at times, in people’s minds,” he said, about moving here."

http://www.freep.com/apps/pbcs .dll/article?AID=200770306018
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Rampartstreetnorth
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Posted on Wednesday, March 07, 2007 - 6:10 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

:::slap:::

Babb isn't delivering an insult, Babb is just telling a truth which some people may find insulting. The solution, however, isn't either hurt feelings or boycotts, it's doing what's necessary to change that perception of Michigan and Detroit nationally.

"Part of the rationale is about attracting and retaining talent. Babb said Comerica has a “talented group of Michigan employees.” But he conceded that recruiting top talent to Detroit isn’t easy. “There is a question, at times, in people’s minds,” he said, about moving here."
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3rdworldcity
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Posted on Wednesday, March 07, 2007 - 7:11 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Psip: Certainly did not mean to appear condescending, to you or anyone else. If you were offended, I apologise.

However, you and many on this thread call for boycotts, withdrawal of accounts, and other punishing tactics; that's like pissing into the wind or tilting at windmills, and evidences an amazing lack of understanding of "how the world works." Assuming for the sake of argument that such tactics "work" and Comerica is financially damaged as a result. Who's hurt? Current employees for sure and the State and City as Comerica would naturally accellerate the relocation of bank operations to TX. What would you have gained?

The situation here is, sadly, the State's and Detroit's economy is in the toilet and there are few prospects that the situation will change in any reasonable time frame. You may disagree things are as bad as Wall Street, ALL of my friends in the manufacturing business, and others, obviously. What you and the rest of the posters here who feel as you do just don't count. What Granholm thinks DOES NOT COUNT.

Comerica's Board of sophisticated businesspeople, all with stron local ties (such as Bobby Taubman), and all of whom have burdensome legal, ethical and fiduciary obligations to Comerica's shareholders and yes, its employees and customers, did what they were compelled to do. Make difficult decisions to take the necessary steps to not only preserve its economic viability here in MI but to concentrate its future growth in the sunbelt. The Board would have been remiss in it legal duties to have failed to take this long overdue step.

Ford floated trial balloons years ago about relocating it headquarters to Europe; big hullabaloo. Ford s not going to survive in its present form, if at all. I don't think moving anywhere would have helped Ford, but who knows.

This State's tax structure and business climate is the worst, at least in the perception of those who count; those who count are the people who make the decisions whether to start or move business here or relocate existing businesses elsewhere.
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Harsensis
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Username: Harsensis

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Posted on Wednesday, March 07, 2007 - 8:06 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

When I started dating my wife she banked at Comerica. They were charging her so much in fees for this and that, that it was costing her a fortune to keep her money there. So 18 years ago I talked her into going with a credit union and we have been there since.
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Lilpup
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Post Number: 1783
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Posted on Wednesday, March 07, 2007 - 8:20 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

What you and the rest of the posters here who feel as you do just don't count. What Granholm thinks DOES NOT COUNT.


Once again, stellar attitude on display - how typical

Wall Street and shareholders seem to have forgotten that businesses need to service their customers in order to stay viable. This is a slap in the face to the city and state and a few jobs are leaving, but if you think closing Comerica accounts will hurt people here more than anything you're wrong. The money deposited in Michigan will still be deposited in Michigan, just not at Comerica.
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Iheartthed
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Posted on Wednesday, March 07, 2007 - 10:05 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

"The solution, however, isn't either hurt feelings or boycotts, it's doing what's necessary to change that perception of Michigan and Detroit nationally."

Well a good start would be to have some self respect for yourselves and your town. Comerica has told you all that it is not interested in your business anymore so let them go! Customers do not pander to businesses. When they do so they get taken advantage of, case in point! Show them you don't like their decision with your dollars. You have the right to do that.

When Federated changed Marshall Fields to Macy's, how did Chicago react? They voted with their dollars. Macy's can either listen to their customers or they can continue to suffer with their ill thought out decision. Only in Detroit would this NOT make sense...
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Psip
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Posted on Wednesday, March 07, 2007 - 10:50 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

3rdWorld, Thank you, accepted. If you can make it an FSC, first drink is on me.

This evening, I was able to speak with a number of pretty high level business people. What surprised me about this topic was a pretty even split in the wisdom of making the move to Dallas. That is, if its a good thing or not for the bank. What they were in full agreement is that it is a public relations disaster.
When I mentioned that Babb was born in Texas, they mostly agreed that this might be a reason for the move and that the tax issue was an important consideration. As to closing accounts, most thought that would certainly signal displeasure, will it make a difference, nope.
Disclaimer, I do not have an account at Comerica. This was very unscientific poll of only 5 guys sitting in a bar. One person is a branch manager at Comerica that towed the company line.
Take it for what it is worth.

(Message edited by PSIP on March 07, 2007)
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3rdworldcity
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Posted on Thursday, March 08, 2007 - 11:25 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

An after though: While people differ on the various aspects of the situation, and most of Comerica's major constituancies agree it the correct/necessary thing to do, it's not a slam dunk economically to move to TX, and I believe the Board must have given much thought to the matter.

Comerica will be the largest bank HEADQUARTERED in TX. That tells you something. I've maintained my major business in TX for many years and I can tell you it has had some difficult financial times, particularly due to the energy booms and busts. TX has diversified its economy significantly and now has a much better balance between manufacturing, energy, high tech (Dell et al, education and medicine - the Houston Medical Center is, I believe the state's largest employer with almost 60,000 employees.) TX is much more immune to negative downturns than MI and most other states.

My point is that at one time there were major banks HQ'd in TX, much larger than Comerica. As a result of the last big bust, all of tX's major banks went under and/or were bought up be large multi-national banks, and that's why little Comerica will become the largest bank HQ'd there. It's still going to be a very small fish in a very big pond.

Psip: I'll have to pass on the drink offer, but thanks.
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Swingline
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Posted on Thursday, March 08, 2007 - 2:28 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

3rdworld, you're right about the withdrawal of accounts from Comerica accelerating the loss of more Comerica jobs. In that sense, closing accounts at Comerica is not a good thing for SE Michigan. It is a near certainty though that Comerica will start to quietly relocate additional jobs within the next 5 years or so. Probably sooner. As I mentioned earlier in the thread, as soon as Comerica's leases in the region start to expire, management will make a "careful evaluation" of its current operations and determine that the wealth management or credit needs of its Sunbelt customers can be more efficiently handled by people located in Dallas, West Palm Beach or Phoenix. The only way that Comerica still has 8000 employees in SE Michigan in five years is if economic growth here turns around and becomes the equivalent of that down South.
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Vas
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Posted on Thursday, March 08, 2007 - 2:42 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

But does it loose jobs? Or just transfer jobs to another bank?

Taking your money out and putting it in another's bank will hurt COmerica employees, help the other bank/and employees, and not hurt MI.
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3rdworldcity
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Posted on Thursday, March 08, 2007 - 2:58 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Swingline: I think you are absolutely correct.

However, The labor mkt in TX is very tight. Their labor costs are not as high as MI's, but I believe it will be difficult in the the next couple of years unless there's an excomomic downturn there for Comerica to relocate many of its operations there. If they try, it's going to be very expensive. It's very difficult to get good employees in TX, and on Comerica's scale, almost impossible unless it agrees to pay much more than prevailing wages.

My guess has always been that it will merely expand its branch network in TX (and they have a LONG way to go before becoming a real player in the mkt) and position itself as a more attractive acquisition target. I give them 4 years and they'll be bought, paid for and gone as a separate entity. That's better than being bought while they are still HQ'd in MI and the jobs would be gone to CA or NY or NC in a microsecond.
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Southwestmap
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Posted on Thursday, March 08, 2007 - 2:59 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Forbes Notes that It's About Detroit's Image:
http://www.forbes.com/business /2007/03/07/domestic-boeing-co merica-biz-cx_tvr_0308outstati ng.html

"Financial inducements are usually part of the equation, of course. Chicago lured Boeing with tax breaks. Comerica, meanwhile, will get a reported $4 million in city and state incentives to bring its senior people south. But that only amounts to one-tenth of 1% of the company's $4 billion in annual revenue. More important is a spruced-up image and shorter trips for executives looking to use client face time to drum up business.

"There is an image aspect to it. Wall Street wants consistency in sales and profits, but in the same way being somewhere with a high-brow image, in a city with an international flavor, makes a difference," Ruberg says."
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Thnk2mch
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Posted on Thursday, March 08, 2007 - 3:03 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

Taking your money out and putting it in another's bank will hurt COmerica employees, help the other bank/and employees, and not hurt MI.



And you better look at who OWNS some of the other banks before you do it - you might be hurting more than you think.
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Exmotowner
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Posted on Thursday, March 08, 2007 - 3:08 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

It pretty much says it all guys. "its all about image" and Detroit has a terrible image! You may not want to accept that or see it, but thats how the rest of the world sees it. Plain and simple. Sorry, I know the truth hurts and you guys are working VERY hard to improve it, but the D has probably the Worst rep in the country.
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Iheartthed
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Posted on Thursday, March 08, 2007 - 3:11 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Damn, Detroit being categorized with Richmond? That hurts... But Michigan brought this upon itself.

"What's shaking out is a dichotomy that has the big corporate honchos in places like New York and Chicago doing deals, while the rank and file toils away in Detroit and Richmond. It's simply good business."
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Mrjoshua
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Posted on Thursday, March 08, 2007 - 3:12 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Southwest, great post. It looks like most of Comerica's support staff may remain in Detroit after all:

"At the same time, technology and instant communication mean there's no need for the company's worker bees to come along. Just leave them in Detroit where they cost a lot less. A shrinking manufacturing economy, headlined by battered domestic auto industry, makes real estate for the masses in that region cheap. Why bother with India when you have Detroit?"
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Mod
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Posted on Thursday, March 08, 2007 - 3:23 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I know first-hand that this move is purely in the pursuit of aggressive growth. The projections spell it out. In the next few years, more than half of Comerica's business will come from the south. It makes good business sense, and we should all put our emotions in check. This is still one of the top ten employers in Michigan, and emotional, knee-jerk reactions will hurt employees.
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Lilpup
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Posted on Thursday, March 08, 2007 - 3:29 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Too late. Comerica handled this entirely the wrong way. Corrective PR now is recognized as just that.
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3rdworldcity
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Posted on Thursday, March 08, 2007 - 3:45 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Lilpup: If you were Ralph Babb, how would you have handled it?
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Livernoisyard
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Posted on Thursday, March 08, 2007 - 4:05 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

"At the same time, technology and instant communication mean there's no need for the company's worker bees to come along. Just leave them in Detroit where they cost a lot less. A shrinking manufacturing economy, headlined by battered domestic auto industry, makes real estate for the masses in that region cheap. Why bother with India when you have Detroit?"


My telecommuting technical-editing work from Detroit is fairly safe from being off-shored because American firms don't want their written English having Indian, Chinese, or Russian accents.
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Lilpup
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Posted on Thursday, March 08, 2007 - 4:05 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I assume you mean other than not moving?

The Forbes article is right - it's about image, not solid business practice - there's no way the manner in which this was done can be sold as anything but a slap at the region, from the way the announcement was sprung, to the comments made

even just circulating rumors of a move would have made this less of a problem, or soliciting city/state officials at least for appearance's sake

but, nope, just a flat out write-off
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Iheartthed
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Posted on Thursday, March 08, 2007 - 4:08 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

"My telecommuting technical-editing work from Detroit is fairly safe from being off-shored because American firms don't want their written English having Indian, Chinese, or Russian accents."

Most, if not all, educated Indians are native English speakers.
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Livernoisyard
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Posted on Thursday, March 08, 2007 - 4:09 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Ah, but they use the Queen's (or the Commonwealth's) English.

(Message edited by LivernoisYard on March 08, 2007)
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Barnesfoto
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Posted on Thursday, March 08, 2007 - 4:19 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

no, most educated Indians are native Bengali, Assamese, Bodo, Dogri, Gujarati, Hindi, Kannada, Kashmiri, Konkani, Maithili, Malayalam, Meitei, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Santhali, Sindhi, Tamil, Telugu or Urdu speakers.
Educated Indians speak English as a second or third or fourth language, and but they speak British English, which is seen by many as superior to American English.
I'm puzzled though, as to how written English could have an "accent".
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Southwestmap
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Posted on Thursday, March 08, 2007 - 4:21 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I can tell when I'm reading English that a non-native speaker is writing. Can't you often tell when reading directions for something that they have been written in the orient?
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Ladyinabag
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Posted on Thursday, March 08, 2007 - 4:22 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I investigated Comerica when I was looking for a bank. I found that their account charges were too high. It would cost every time that you would write a check. I opted for a credit union and have been with them for 20 years. I never would or did do business with Comerica.
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Southwestmap
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Posted on Thursday, March 08, 2007 - 4:25 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

The truth is, Comerica really didn't want you as a customer. They are in commercial accounts now. They charged the high fees to discourage you. Listen to the ads on the radio - they are all about small business accounts and assistance. Comerica was happy when we moved our accounts!
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Lilpup
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Posted on Thursday, March 08, 2007 - 4:30 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Southwest, we moved our small business account for the same reason. Comerica doesn't want small business either.

I'm sure they enjoyed sticking it to the city - maybe the city saving money on banking will be the hidden benefit of Comerica's slap

(Message edited by lilpup on March 08, 2007)
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Southwestmap
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Posted on Thursday, March 08, 2007 - 4:36 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I have been using an internet bank for savings for awhile now. Great rates, very easy, FDIC insured, rapid transfers. No fees.

However, I still have a checking account in a bricks and mortar bank. They charge a lot but I like the convenience. I still get my checks returned - a vestige of the dark ages.
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Livernoisyard
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Posted on Thursday, March 08, 2007 - 5:21 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

I can tell when I'm reading English that a non-native speaker is writing. Can't you often tell when reading directions for something that they have been written in the orient?


The firm whose work I'm editing now has a smaller unit in Canada--with its own Commonwealth flavor of English. So I have to modify US/UK/Commonwealth English to Canadian English, or vice versa, depending upon which country is the target.
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Ericdetfan
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Posted on Sunday, March 11, 2007 - 1:54 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

heard that there was a new broadcast about what bank might take comericas place, I missed the actual brodcast though.
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3rdworldcity
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Posted on Sunday, March 11, 2007 - 2:15 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

See the full page ad in the Freep today: Flagstar will pay y'all $100 to switch your checking accounts over there.

Flagstar is owned by the Hammond family, who got rich from the old Hammond Mortgage Company, a spinoff, as I recall, of Manufacturer's Bank.

The fact is, Comerica will remain the largest bank in MI regardless of where it's headquartered. People tend to bank where it's convenient and Comerica's branch network is the largest and therefore accessible to most people in MI. Comerica will continue to get all the commercial business it wants, and the stuff it doesn't want will continue to go to other banks.
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Spiritofdetroit
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Posted on Sunday, March 11, 2007 - 5:00 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

PROUD TO BE HEADQUARTERED IN MICHIGAN, Flagstar Bank, Full page in the Freep. I love it.
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Burnsie
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Posted on Sunday, March 11, 2007 - 5:33 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

"PROUD TO BE HEADQUARTERED IN MICHIGAN, Flagstar Bank"

Yeah, until they get an attractive takeover offer.
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Mplsryan
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Posted on Sunday, March 11, 2007 - 5:53 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

someone wrote---"TCF Bank is Michigan based, out of Ann Arbor. They don't have any Detroit branches yet, but they just opened a new branch in Dearborn Heights. The have very convienient hours, all branches are open 7 days a week.
Maybe they will pick up one of the old Comerica branches, since I'm sure they will close some."

Actually it's Minneapolis based- TCF stands for Twin Cities Federal Bank. They are rapidly expanding in the detroit and chicago markets as far as i know. A new tower is being speculated in downtown mpls too which is good considering the hideous building they reside in now.
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Barnesfoto
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Posted on Sunday, March 11, 2007 - 6:34 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Texas may not be the perfect place to do business after all: Halliburton is moving to Dubai:

http://www.nytimes.com/aponlin e/business/AP-Emirates-Hallibu rton.html?hp
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Rampartstreetnorth
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Posted on Sunday, March 11, 2007 - 6:38 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Sounds like Halliburton is gettin' out of Dodge one step ahead of the investigations that are sure to come once it no longer has a protector in the Executive branch.
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Livernoisyard
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Posted on Sunday, March 11, 2007 - 7:01 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

Sounds like Halliburton is gettin' out of Dodge one step ahead of the investigations that are sure to come once it no longer has a protector in the Executive branch.


More knee-jerk nonsense--not atypical for DY.

Halliburton is typically the only contractor bidding for many of its dangerous government projects. The Clintonistas used Halliburton aplenty too, in case any smearing radiclibs would bother to check this fact out.
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Fastcarsfreedom
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Post Number: 144
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Posted on Sunday, March 11, 2007 - 9:28 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I have a small business and personal account with a Comerica branch in Oakland County--honestly, compared to the service I'm used to receiving, Comerica has been absolutely fantastic. For the time being anyway, calling the bank and getting a call center that's actually in North America is a treat to behold. Anyway, I was in a discussion earlier about LaSalle and the fact that they are Chicago-based, and then in turn, owned by ABN AMRO which is Dutch. Technically speaking, the LaSalle branches in Michigan are part of LaSalle Bank Midwest--which is based in Troy--it's really still Standard Federal--they merely switched this division to the Chicago-centric name as "brand consolidation"--but the local branch network is not a division of the Chicago bank, but instead, runs out of the old Standard Federal HQ in Troy.
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Fastcarsfreedom
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Posted on Sunday, March 11, 2007 - 9:33 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Another aside, CharterOne it turns out is owned by The Royal Bank of Scotland via Citizens Bank of Providence, RI, something else I didn't realize...ownership in these entities sure is complex.
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Andyguard73
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Post Number: 209
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Posted on Monday, March 12, 2007 - 6:36 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

House speaker looking for ways to keep Comerica in state

http://www.freep.com/apps/pbcs .dll/article?AID=/20070312/NEW S06/70312037
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Jimaz
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Posted on Monday, March 12, 2007 - 6:49 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

“Ralph Babb’s from Texas, I think he wants to go back home,” Dillon said. “I don’t buy that argument that they need to move to the south. Every time there’s a growth sector in the economy somewhere, does Bank of America move?”

I was thinking the same thing. I would think the banking industry more than any other would be independent of location. It's based on information moving over wires nowadays, right?
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Tkelly1986
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Posted on Monday, March 12, 2007 - 7:14 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

With the discussion that TCF is expanding in Detroit and Chicago and there is speculation they may build a tower in MPLS...too bad we can't lure them to build that proposed tower in Detroit...using the same logic Comerica did about moving where they are expanding
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Mrjoshua
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Posted on Monday, March 12, 2007 - 7:19 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I spoke with a longtime Comerica employee at the parade yesterday. She stated that the plan to move the headquarters to Dallas had been well known by Comerica employees for a few years now and that it was only a matter of time. She also said that the move has been blown out of proportion as 6,000 to 7,000 positions will remain in MI indefinitely.
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Livernoisyard
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Posted on Monday, March 12, 2007 - 7:25 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Comerica's presence in Michigan is essentially its milking its cash cow. It'll stay as long as it's profitable. Why should they do otherwise?

Moving its HQ out of state is looking forward to the future. A large bank like Comerica isn't going to pass over any areas for growth, and obviously Michigan is not poised for growth anytime soon.
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Tompage
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Posted on Friday, March 16, 2007 - 9:53 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Today's Boston Globe carries a wonderful column by Brian McGrory that deals with corporate headquarter moves (ala Comerica)from their birthplace communities. McGrory then interviews the head of the Dunkin' Donuts company, John Luther. I only wish that the brass at Comerica, Motown, and many many others had the insight and character that Luther does. Here's a link to the complete column.

http://www.boston.com/news/loc al/articles/2007/03/16/no_plac e_like_home/

"Then along comes a voice of dissent. His name is Jon Luther. He's the chairman and chief executive of Dunkin' Brands, the corporate name for Dunkin' Donuts. His charge is to take what used to be a New England business and blanket the nation with its stores.

So you might logically assume that Luther has plans to move Dunkin's headquarters from Canton into some antiseptic new office park outside Charlotte, N.C., where the workforce is cheap, the smoking is easy, and the governor approves tax breaks with a wink and a nod.

Which is what I asked Luther when we recently shared, well, a cup of coffee: When do the moving trucks arrive? What I got back was an earful, repeated yesterday, that a lot of other Boston business leaders should hear.

"We were born in Quincy," Luther said. "All of the last 50 years, the brand has been built by people from this area, the entrepreneurs. The heritage of the brand comes from this geographical area, and you can't abandon that.

"When you make these financial decisions, sometimes you have to say: 'It's a higher-priced labor force. It's more expensive to live here. But this is where we belong, and this is where we're going to stay.'

"My conscience would be bothered if I stranded 300 or 400 families who depend on us," Luther added. "And, you know what? We'll be OK. It's as simple as that. The soul and heritage of a corporation is much more important than saving a few bucks."

Luther is from Buffalo, a place in which natives take an abnormal pride. But with his outsiders' eye, he views Boston in a way that many long-timers don't. Where we see crumbling buildings, he sees history. Where we see stodgy institutions, he sees the greatest schools in the world.

And all around the area, he has the franchisees who built the company, many of them immigrants who began with one shop that they turned into mini-empires now shared with brothers and cousins and their kids.

"It's like family here," he said. "And I have to tell you, it works. People feel better. They're proud. You can move to another city, but then no one knows your heritage. No one knows you."

Hancock is essentially gone; so is Fleet. Gillette takes its orders from Ohio. Fidelity is constantly rumbling about change. Staples and EMC are restless.

Luther and his company are the renegades, committed to the core. Keep that in mind when you're figuring out where to go for your morning joe."
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3rdworldcity
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Posted on Friday, March 16, 2007 - 11:27 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Easy for Luther to say. He's not a shareholder, I don't think. Dunkin' (Baskin-Robbins and TOGO) is privately owned by three firms, including Bain Capital, an owner of Domino's.

If in fact Dunkin' could be run from anywhere, it would be a breach of fiduciary duty to public shareholders, if they had them, to purposefully stay in a much higher cost area.

I'm very familiar w/ how Dunkin' operated years ago, and based on my involvement, it was a-take- no-prisoners operation, especially when dealing w/ franchisees who didn't strictly adhere to their franchise agreements (selling donuts at the plant gates at shift change, for example.)
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Scottr
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Posted on Friday, March 16, 2007 - 1:52 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

So what you're saying, is if a company can be run from everywhere, it is their "fiduciary duty" to move to the Cayman Islands, for example, so they can save costs by avoiding paying taxes.

Companies are bound to work for their shareholders in good faith - but they are not bound to make every single move that may save a couple pennies to give to the shareholders in the sense that you are implying. goodwill towards the community is an important part of being a successful business. Where you locate your headquarters is part of that - moving away to save a few bucks will most often not help your company in the long run.
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3rdworldcity
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Posted on Friday, March 16, 2007 - 3:51 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Scottr: As to your first observation, a slightly qualified "yes." However, Grand Cayman is not a good example as moving there would pose a very different set of problems.

Agreed that a Board must act as "the prudent man" and in good faith, a given. Of course a Board is not going to move - or do anything - to save "a couple pennies." Let's be serious here.

Community goodwill is of course important in many cases. In many it's not. A guy who owns a factory making parts and employs a couple hundred people can move his plant to TN w/ impunity and w/o regard to the feelings of the community, assuming he can hire everyone he needs there. Comerica, on the other hand apparently made a big PR snafu by moving only a couple hundred people over 3 years to TX while maintaining its major operations in Detroit and MI. The ill-will will probably hurt it a little in the short term, but apparently the Board had no choice but to take that risk, as would I have done.

Dunkin' on the other hand probably has a few stores in its headquarters area that might be negatively impacted by a move, but if people like the product they tend to have very short memories. Think of all the people they will make happy in the area to which they relocate. "For every action, there's an equal and opposite reaction."

Upon what do you base your view expressed in the last sentence of your post? There have been 100's of such moves so there must be some basis for your comment.

And, it goes w/o saying, obviously, that no company is going to undertake such a monumental step unless it's financially justified.

Communities have serious responsibilities to the business community (and citizens) as well. Their failure to keep taxes and spending reasonable and provide competent public services will result in companies who will move if they can. It's a 2-way street. Detroit and MI clearly are doing a lousy job keeping businesses and corporations happy by fullfilling their public duties and they therefore get what they deserve.

A state that does it right is TX. See the link below which I posted on another thread:

http://www.bidc.state.tx.us/50 state

Use the pull-down menu to select MI and check all the boxes beneath it. Its a comparison of TX and MI in about a hundred categories. I learned more about MI than I did about TX, where I've had businesses for years. Check out the comparisons in the categories businesses consider mosts important. (MI excells in many other categories by the way.) It will be a little easier to understand why Comerica was compelled to concentrate its future growth there.



(Message edited by 3rdworldcity on March 16, 2007)
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Psip
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Post Number: 1555
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Posted on Friday, March 16, 2007 - 4:14 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

^^^ That happens in my brain cell all the time, I feel your pain. :-)

Sure 3rdworld, delete that line and make me look silly.

(Message edited by PSIP on March 16, 2007)
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3rdworldcity
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Post Number: 551
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Posted on Friday, March 16, 2007 - 4:28 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I restarted my computer and edited the post. Sorry. It happens occasionally and I'd like to know why. Thanks.

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