Why is banking company Comerica moving its headquarters to Dallas?
For 158 years, Comerica Inc. financed the rise of U.S. industry from its home base in Detroit. On Tuesday, the financial services company said it would move closer to its future by moving its headquarters to Dallas. The move symbolizes Comerica’s effort to reduce its exposure to the troubled domestic auto industry, while gaining business in fast-growing southern and western states, particularly Texas, California and Florida. “Our decision to relocate to Dallas and the great state of Texas accelerates our strategy to extend our reach into high-growth markets and to diversify our customer base,” said Ralph Babb, Comerica’s chairman and chief executive. “By bringing our headquarters to Dallas, we better position Comerica for continued success.” bring Dallas only 200 new jobs, but it represents the city’s first major bank headquarters in years. Much of the locally based banking industry evaporated in the wake of the oil and real estate bust of the 1980s. Comerica did not commit to a locati
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