 |
||
|
|
||
| |||||||||||
Looking to buy With $34 billion in assets, Comerica is one of the 25 largest banks in the country and a leader in commercial lending. The Detroit-based bank has subsidiaries in California, Florida, Michigan, and Texas and even operates an office in Mexico City. Comerica launched itself onto the national scene when it merged with Manufacturers National in 1992. After the two banks fully integrated, Comerica began aggressively seeking new acquisitions in addition to making its standing business more profitable. To that end, Comerica has reorganized into three operating units: the Business Bank includes corporate banking, global business, and institutional trusts; the Individual Bank is comprised of consumer banking, mortgages, small business banking, and private banking; and the Investment Bank focuses on investment services and insurance. The bank has begun focusing on fee-based services such as merchant processing services, capital markets, and discounted home and auto insurance. Close, but no takeover In 1999, Comerica, turns 150 years. Old. But a few years ago, the future of this Detroit institution seemed uncertain. In 1995, the bank's stock stumbled, and analysts predicted Comerica would soon become a takeover target. But instead of letting a hostile buyer shape up the bank, Comerica instead firmed up under its own hand. Since then, Comerica has ranked in the top five among America's largest banks for return on assets, return on equity and efficiency. More than 360 branches Elon Farnsworth founded modern-day Comerica as the Detroit Savings Fund Institute in 1849. The bank changed its name to Comerica when it entered the Florida market in 1982; it later acquired banks in Texas and California. The bank now boasts more than 360 branches. Already strong in commercial lending, treasury management and corporate trusts, Comerica has targeted consumer banking and investment services as areas of potential growth. In May 1999, the bank opened a charitable trusts business catering to wealthy individuals and families looking to do good while avoiding estate taxes. The bank has also purchased Munder Funds, a $5.4 billion mutual-fund operation, and WY Campbell & Company, an investment banking firm.
While most of Comerica's corporate hiring is for its Detroit headquarters, it also recruits for offices in CA, FL, IL, and TX. Entry-level employees should inquire about the training programs that the company runs in four areas: Commercial Lending (which requires an accounting or finance degree), Branch Management, Controller Rotation, and Information Services. These programs differ, but all introduce new employees to the banking industry and Comerica's corporate structure. Some of the programs rotate trainees through different departments within the company. Applicants should send cover letters and resumes to the human resources office at the corporate headquarters and indicate their specific career interests.
Lovin' that Comerica base training In spite of Comerica's size, employees say that the company has an atmosphere that "more closely resembles that of a community bank." "People are Midwestern polite," says one insider. One of the most important aspects of employee care comes from training. "I received rock solid training in financial analysis" says one credit analyst. "All credit analysts in commercial lending go through a three-month training program called 'credit college' at headquarters in Detroit." Here's what one analyst who left Comerica for a higher-paying, less stressful job has to say: "I would not have hired where I work today, at the pay I was brought in at, without the Comerica base training." Adds another insider. "Comerica is a great, right-out-of-college job." Don't forget your three-piece Like many Midwestern institutions, especially ones 150 years old, Comerica retains a touch of conservatism. "Things tend to be formal throughout Comerica," says one insider. "Dress code depends on what department you work for. Positions with customer contact require business suits most of the time, though most offices have implemented Friday casual day." Workload is heavy But even Comerica isn't immune to the pressures of modern-day banking. "Workload is heavy: you will be overworked most of the time, and a lot will be asked of you," says one. "All financial institutions have experienced uncertainty since merger mania emerged in the field. There's still an uncertainty concerning mergers and acquisitions," adds another.
Ted Bennett Human Resources
Commercial lending;Retail banking;Investment services;Insurance
Bank of America;Bank One;Citigroup;Wells Fargo More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
