Is it because Detroit is mostly black?
I would ask everyone to withdraw their money from Comerica and deposit to a local bank.
2007-03-17 06:16:05 · 13 answers · asked by pelister56 4 in Travel ➔ United States ➔ Detroit
Because detroit is a filthy stinking toilet.
Let's face it....sure lots of manufacturing has gone overseas, and caused job loss in detroit, but the black leadership, and the black people in detroit have been ineffectual in slowing the decline. The only half way decent mayor in the past 40 years, dennis archer, tries to do good for the city, and the black constituents run him out, and accuse him of selling out...no wonder detroit is such a dump....
2007-03-18 09:49:31 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Comerica has a responsibility to it's shareholders, it's employees and to it's community. If the company can improve it's stock price by achieving faster growth due to being headquartered in a faster growing area, it's stockholders benefit.
If the stock prices goes up, the company becomes less likely to be purchased by another bank, which makes the company less vulnerable which helps the employees in the long run.
If the company isn't bought out by another bank, it helps the community because Comerica has a large number of jobs in the Detroit area, more than any other bank in Michigan. This will continue to be the case. If Comerica is purchased by another bank, many of these jobs would go away, many more than the jobs moving to Dallas.
In fact, if you move your money to another bank, all that is going to do is make those employees jobs more tenuous. I doubt you can find another bank that is headquartered in Michigan that does nearly what Comerica does for the State and employees close to the number Comerica does.
2007-03-20 20:04:10 · answer #2 · answered by CB 2 · 0⤊ 0⤋
Why is anyone leaving Michigan? Its not just Detroit and its not because of Detroit's multiracialism. Detroit is not mostly Black. Company's leave because they can make more money elsewhere. You can withdraw your money and deposit it wherever but there is no guarantee that wherever you put it, that bank will stay. Most local banks in Detroit are headquartered elsewhere. Michigan/Detroit's economy is horrible right now and until there is a change, Comerica is just the latest in a steady stream of companies tired of losing money. The banking industry is horrible in Michigan. All of it is just recycled money. You open a 9 month CD at 5/3, don't like the rates and take the cash down the street to Chase. None of it is new money. Speak ill of Comerica if you chose but it is one of the few banks that always invested in the city of Detroit. I lost many a loan to Comerica when I was in the banking industry. Before its over with, there will be one super mega bank like, Bank of America's Chased Fifth Third of a National City.
2007-03-17 13:25:22 · answer #3 · answered by LA Law 4 · 3⤊ 1⤋
Comerica Bank is moving its headquarters from Detroit. The bank will continue to have a presence (branches) in Detroit. As the board of directors are obligated to the stock shareholders and not the citizens of Detroit (or its leadership) the move makes good business sense. In my opinion, the major factors in their moving the headquarters are as follows:
Detroit and Michigan in general both have shrinking economies. Additionally , the existing manufacturing based economy is on its death bed (not a great time to be lending money or being owed money...bankruptcy is on the rise in Detroit and MI). Dallas on the other hand has an expanding and dynamic business climate....that is good for banks.
It is difficult to attract top talent to come to Detroit. This problem is not unique to Comerica, ask any high level executive recruiting company.
Detroit and Michigan are not business friendly with their taxation programs and it is about to get worse with the Governor's proposed tax plans.
2007-03-18 20:27:51 · answer #4 · answered by mcd_48230 3 · 3⤊ 0⤋
Comerica Bank itself is not leaving Detroit, I have friends who work for a branch of Comerica in the Detroit area and their building is not shuting down. However, a certain group of Comerica upper-tier employees are being moved because their is no more money in Detroit...essentailly that is.
2007-03-21 13:17:07 · answer #5 · answered by Schoony 2 · 0⤊ 0⤋
I suggest to anyone living in Michigan to take their $$ to another bank and not all are big banks I deal with a locally owned bank that will always be in Michigan
I dealt with Comerica for our business and I got rid of them when they wanted to charge $8 to cash an employees payroll check. This is while I was making the deposit and had the employee sign his check GREEDy Comerica wanted to charge I say GOOD RIDDENCE
However I do feel sorry to those losing their jobs
Hey as they used to say in the 80's
LAST ONE TO LEAVE MICHIGAN TURN OUT THE LIGHTS
2007-03-19 21:36:39 · answer #6 · answered by mattiemaygal 2 · 0⤊ 0⤋
Because Detroit has been dead for 50 years and Michigan is in a recession. Morale is low, people are violent, and the money is leaving the state at an alarming rate. I live here and it sucks!
2007-03-21 05:12:46 · answer #7 · answered by wmkna1219 1 · 1⤊ 0⤋
because our economy sucks. worst in the nation. i wouldn't want my headquarters in Mi if I owned a company. There are blacks everywhere-leaving Mi wouldn't make a difference there. some people always want to turn stuff racial
2007-03-19 14:23:05 · answer #8 · answered by kg22 5 · 1⤊ 0⤋
it the same reason why evreyone is or thinking of leaving the state not just the city , simply put Michigan is way over tax.
http://www.ncpa.org/sub/dpd/index.php?page=article&Article_ID=14312
2007-03-17 13:43:32 · answer #9 · answered by bleacherbrat34 6 · 1⤊ 2⤋
They have found a better place to go!!
2007-03-20 14:44:11 · answer #10 · answered by ? 5 · 0⤊ 0⤋