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Tag: Comerica

What price public safety? 2% of one department's budget, apparently

By Nick, Section News
Posted on Fri Jan 23, 2009 at 07:18:26 AM EST
Tags: Cherry, 2010, Granholm-Cherry, layoffs, unemployment, Comerica, corrections, parole, budget (all tags)

Stop me if you've heard this one before. Yesterday a major Michigan employer announced hundreds of new job cuts. (I know, I saw you waving your hands telling me to stop, I just ignored you.) The Ivory Tower reports that Comerica Bank, the folks who have their name on our beloved Tigers' home stadium, announced plans to cut a full 5% of their work force in the coming month, totalling 570 jobs.

Though the job cuts are spread across the regional bank's operations, many of them are expected to occur in Michigan, which has about 7,000 of Comerica's slightly more than 10,000 workers. Comerica is the state's second-largest bank in terms of deposits...
Comerica, which moved its headquarters from Detroit to Dallas in 2007, expects the job reductions to result in a $35-million annual savings. They come on top of the elimination of 600 positions or 5% of its workforce last year.

Notice by way of reminder, if you will, that amidst Michigan's single state recession of 2007 the bank outsourced its major white collar jobs and operations, not to India or China or Mexico but to freaking Dallas. And just in case you're not a geography major, Dallas is in Texas, that giant state with all of the cowboys down at the bottom of your map of the United States of America.

Still tells a potent story about the way the Granholm-Cherry administration has handled Michigan's economy since taking the helm in January 2003. Tells even more about the bank's perceived odds of a recovery after the Democrats took over the legislature in 2007, too.

But don't worry, the current Democratic governor, her hand picked successor and those very same legislators are still on the job, they still have a plan and they're working it and they're working it and jobs of tomorrow and cool cities and plan and working and plan.

Read on...

(5 comments, 628 words in story) Full Story