Comerica Investment Banking?
Anyone have info on this new IB team at Comerica? Purely M&A focus? LF/DCM? Culture? Competitive comp?
https://comerica.mediaroom.com/2023-02-01-Comeric…
Best, Draining but still hopeful prospect
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Haven’t heard anything back yet. Group seems to be new. However, they’re a big bank in Texas apparently
Disclaimer: I'm going to be making inferences based on the language in the press release and historical experience watching these groups try.
1) This investment banking group is being set up to serve Comerica customers.
Given that, you can expect much better work-life balance (less pitching, industry coverage), but lower pay as deal flow volume will be lighter, and I'd imagine, fees will be lower (typically he case).
2) The likelihood that Comerica puts resources to compete and grow this are low.
The head of the group has a very mixed record. He's got stints at some legit firms (DLJ) and some weaker ones (Capstone). He's also getting up there in age so the odds are low that he really has the drive and energy to build out a legit practice. The other bankers are also not names that are going to get it done.
Perhaps as importantly, Comerica made some failed attempts at banking before (see WY Campbell). In geneeral, this isn't a bank that's thought of in the same light as others to begin with, so I don't expect the experiment to work out.
As an analyst you may have the ability to get a few reps and lateral and that would be your best bet.
I previously interned with the commercial banking group. They have a syndicated team in Michigan already and the team culture is excellent. They primarily are serving very small businesses think mom and pop shops. For IB maybe they can carve a small niche within the $1 - $20 mil EV range.
That would be disastrous. Those are tiny deals, business broker level crap, particularly for the lower half of that range. They are hard to get done, have a higher failure rate and don't pay the same type of fees. I would hope that, even if they have banking clients that want to sell, they are going to be up-market from those levels.
The other factor is, commercial bankers rarely act as good referral sources on the banking side. So unless they have a PWM arm, they are going to be slow for a while.
They do have a PM/WM and retail banking arm. They have a decent size balance sheet. Everything in IB seems to be relationship dependent. If they don’t bring in proven MDs I don’t see how it could work tbh.
Any updates on thoughts regarding the investment banking group at Comerica?
Above is correct was set up to milk already existing relationships and generate a higher return on deposits by deploying some levfin capital good place to start at then lateral elsewhere.
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