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Old March 6th, 2007, 04:49 PM   #1
Geaux Tigers
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Comerica Bank moving HQ to Dallas

Score another one for Texas:

Comerica Inc. headquarters to move to Dallas

07:25 AM CST on Tuesday, March 6, 2007
Associated Press

DETROIT - Comerica Inc. said Tuesday it plans to relocate its corporate headquarters to Dallas, affecting 200 Michigan employees and dealing another blow to the state's troubled economy.

The Detroit company said the move to Texas will allow it to take advantage of a more central location with improved accessibility to its markets.

The relocation, expected to occur by the end of the third quarter of 2007, will not affect the majority of the bank's more than 7,500 employees in Michigan, spokesman Wayne Mielke said, but it will affect about 200 employees and "certain corporate support functions in the next three years, including some open positions," he said.

"Today, a significant percentage of Comerica's earnings is generated in the Texas, Arizona, California and Florida markets," Ralph W. Babb, Jr., chairman and chief executive officer of Comerica, said in a statement. "Moving our corporate headquarters to Dallas will give us greater proximity to all of our markets, and the additional resources in these markets will lead to accelerated growth for Comerica."

Comerica's current headquarters occupies 11 stories in a 45-story high-rise opened in the early 1990s in downtown Detroit, not far from Comerica Park -- the home of baseball's Detroit Tigers -- which opened in 2000. Comerica signed a lease in 2005 that will keep it in the high rise until at least 2012, Mielke said.

The announcement came the morning after Michigan Gov. Jennifer Granholm presided over the first of five scheduled televised town hall-style events to discuss the state's sagging financial situation.

Babb, in a telephone interview with The Associated Press, said he discussed the company's plans with Granholm and Detroit Mayor Kwame Kilpatrick Monday evening.

"I'm angry about it and it's an opportunity, I'll say that," Granholm told WWJ-AM Tuesday. The governor, who is pitching her plans to enact a 2-percent sales tax on services such as haircuts and dry cleaning, said it illustrates the importance of investing in the state.

"As part of this overall effort by major corporations to go where their shareholders are telling them to go -- and this is a shareholder decision I was told -- we need to as stakeholders in Michigan support the companies that are supporting us."

As the home of the domestic auto industry, including many suppliers -- Michigan has borne the brunt of those companies' decisions to close factories and cut workers. Efforts to lure high-tech and life science companies haven't been enough to offset the loss of auto-related jobs.

Unlike other states that more closely mirror the January national unemployment rate of 4.6 percent, Michigan's unemployment rate largely has hovered around 7 percent for the past four years.

Babb said the transition would be seamless for the bank's customers, and he said Comerica's commitment to Michigan is firm.

"Michigan's economy -- as I think everyone understands -- is challenging at the moment," he told the AP. "But areas go through ups and down and through cycles. And we are very supportive, will continue to be supportive, in doing the things for our community, Detroit and Michigan, that need to be done to help it through this cycle.

"It is a very important market for us and will continue to be."
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Last edited by Geaux Tigers; March 9th, 2007 at 12:40 AM. Reason: Thread title sucked ass
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Old March 6th, 2007, 05:09 PM   #2
teshadoh
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It's about time the under dog scored for all the little people in the world. I have been sick & tired of Detroit winning everything & succeeding. Good to see Dallas, the unlikely champion win this one over the heavily favored Detroit.
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Old March 6th, 2007, 05:36 PM   #3
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Now we just need to Mavericks to take out the Pistons in the NBA Finals for a clean sweep.
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Old March 9th, 2007, 02:01 AM   #4
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LOLS....yea go MAVS
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Old March 9th, 2007, 03:04 AM   #5
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Ouch for Detroit and BOOM for Dallas! Congrats ladies and gentleman.
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Old January 14th, 2008, 07:43 AM   #6
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Im glad you are all so excited...I really dont blame you. Honestly though things are REALLY bad here in Michigan. Everyone you know is unemployed, loosing hours, or is close to somebody who is. In any random conversation with people everyone knows or is experiencing trouble. Keep in mind I am in a nice northern suburban area. Housing here was moving so fast just a few years ago (look up MAcomb Twp) now many subdivisions being built have not had ONE house built in at least a year if not more. Myself I was laid off a year ago from a surveying company because we had no work coming in and it has only gotten worse there since then! I have been looking for a year for work and nothing I have now started looking out of state. I love my hometown and the REAL big "D" but I need to be making some real money again. Besides it is getting to backwards here and you can only take so much. We are really hurting here so please realize your gloating comes at the expense of many honest hard working people.
Dallas though I am really impressed by I never knew much about your fair city and am amazed the more I learn. You guys have great growth, job opportunity and quite a skyline. Though there are a bit to many glass towers for my liking. Hell given how bad things are here I may end up there soon enough. A good friend of mine went from here to Houston and says he likes it a lot. Here in Michigan we are living in a constant fear of loosing jobs and homes but he says it isnt nearly as big of a problem there.
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Old January 14th, 2008, 07:48 AM   #7
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You would be pretty hard pressed not to find a job here...especially survey work with all the construction happening.
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Old January 14th, 2008, 10:56 PM   #8
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Yeah, the situation in Detroit is really sad. It's a far cry from its glory days in the 40s and 50s. I say keep the jobs in the suffering state.
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Old January 15th, 2008, 12:33 AM   #9
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Is anything going right in Detroit?
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Old January 15th, 2008, 12:44 AM   #10
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Corporations are moving back to Downtown from the suburbs...and the suburban towns don't like it.
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Old January 15th, 2008, 04:44 AM   #11
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Quote:
Originally Posted by skysdalimit View Post
Yeah, the situation in Detroit is really sad. It's a far cry from its glory days in the 40s and 50s. I say keep the jobs in the suffering state.
a bank's HQ is going to have little impact on a city that's predominantly working class/ blue collar.
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Old January 15th, 2008, 05:30 AM   #12
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Detroit is a beautiful city...the gothic architecture is incredible. It will come back and I don't think it will be too long before we see those grand buildings fill up again with corporate America. Can you imagine once they turn those buildings back into top notch class A quality offices? It will happen. I hope we see the return begin in the next decade, at the least. Detroit is a city that just needs to be renovated. At least metro Detroit is still growing at a respectable rate.
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Old January 15th, 2008, 06:36 PM   #13
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I have a friend in central Michigan who tells me that almost monthly several of her classmates are gone because their families move out of state searching for jobs. It's a situation I can hardly imagine.
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Old January 15th, 2008, 06:42 PM   #14
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I have a friend. Isn't that great?
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Old January 15th, 2008, 11:22 PM   #15
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Quote:
Originally Posted by Lexy View Post
Ouch for Detroit and BOOM for Dallas! Congrats ladies and gentleman.
Is it really that big of a deal? Talking about what, 300 jobs? How many jobs does Michigan lose a day?

And LOL @ teshadoh. Good one.
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Old January 16th, 2008, 01:07 AM   #16
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It's more than that. It's Michigan losing a Fortune 500 company when they are losing jobs faster than Oklahoma loses in the Fiesta Bowl.
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Old January 16th, 2008, 04:54 AM   #17
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In six years it has been 336,000 jobs we have lost! This number is from 2000-2006 only!
http://www.ns.umich.edu/htdocs/relea...ry.php?id=1069
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Old January 16th, 2008, 04:56 AM   #18
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http://www.skyscrapercity.com/showthread.php?t=570129
http://www.skyscrapercity.com/showthread.php?t=570134
Check out these threads for some average pics of all over the city
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Old January 16th, 2008, 06:30 AM   #19
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Quote:
Originally Posted by Geaux Tigers View Post
It's more than that. It's Michigan losing a Fortune 500 company when they are losing jobs faster than Oklahoma loses in the Fiesta Bowl.
Wow that's fast.

But then again if it weren't for us showing up, rendering our "services" to the BCS, where do you think programs like LSU and Boise State would be right now?
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Old January 16th, 2008, 10:45 AM   #20
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Quote:
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But then again if it weren't for us showing up, rendering our "services" to the BCS, where do you think programs like LSU and Boise State would be right now?
Hah! Good stuff. Lookin forward to more services. Doesn't matter who.
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