Comerica Unit Consolidates Retail, Institutional Sales

By Kantrow, Yvette D. | American Banker, January 6, 1994 | Go to article overview

Comerica Unit Consolidates Retail, Institutional Sales


Kantrow, Yvette D., American Banker


Comerica Bank is now housing its institutional and retail investment sales efforts under a single roof.

Comerica Securities At a Glance

Business     Full-service
             broker-dealer
Parent       Comerica Bank,
company      Detroit
Activities   Sells a range of
             investments, including
             mutual funds, to
             individuals. Also
             provides investment
             banking services to
             corporate and
             institutional clients.
Employees    90, including 35
             licensed sales
             representatives

The Detroit-based unit of Comerica Inc. has combined its brokerage and capital markets units to create a full-service broker-dealer, Comerica Securities.

The new subsidiary will sell stocks, bonds, mutual funds, and annuities to consumers, and provide investment banking services to institutions as well. By combining the two efforts, Comerica officials said, the company will be able to offer all of its customers a broader array of investment options.

"It makes it easier to market our services," said John Landis, managing director of retail sales for Comerica Securities.

As more banks fill out their investment product lines, more are likely to find that they, too, need to consolidate their efforts. An investment products strategy often grows out of disparate units of the bank -- including trust, capital markets, and discount brokerage -- and needs to be better coordinated.

'A lot of Hybrid Structures'

"One of the difficulties in this business in commercial banks is that it is occurring in two or three different parts of the bank," said Geoff Bobroff, a mutual fund consultant in Denver. "There are a lot of hybrid structures that do not make sense. …

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