Gov. Jennifer Granholm got a surprise phone call at home from Ralph Babb on a late-winter Sunday night in 2007. Babb, the CEO of Comerica Bank, stunned Granholm with news that Comerica would announce the next day that it was moving its headquarters from Detroit to Dallas. The relocation would involve only about 200 jobs, […]
Business Watch
Covering the intersection of business and policy, and informing Michigan employers and workers on the long road back from coronavirus. Our Michigan Economic Dashboard shows key metrics that show how the state is performing.
Posted inBusiness Watch
Michigan’s Biggest Banks
Out-of-state banks now dominate the state, with only two Michigan-based banks among the top 12. The list below is from the Michigan Bankers Association, as of June 30. Bank nameState HQMI branchesDeposits (in billions)MI market share (by deposit)JP Morgan Chase Bank, NAOH305$3218.93%Comerica BankTX216$24.814.70%PNC Bank, NADE232$14.98.81%Bank of America, NANC193$13.78.13%Fifth Third BankOH249$137.67%Huntington National BankOH171$7.84.60%Flagstar Bank, FSBMI111$7.74.55%FirstMerit Bank, […]
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Michigan still has a long climb back to prosperity
Governor Rick Snyder’s Michigan Dashboard and the Business Leaders for Michigan’s Economic Competitiveness Benchmarking Report both look at a wide range of factors to measure progress in our state. I want to look at the two big ‘elephants in the room” – income and educational attainment. We’re hurting in both respects. The climb back to […]
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Libraries strained by budget cuts
A JOB LIKE NO OTHER: Librarian Devan Green sometimes finds herself doing the job of a social worker. (Bridge photo by Dustin Blitchok) When librarian Devan Green first read the policy on proper behavior at the Pontiac Public Library, she couldn’t believe some rules didn’t go without saying. The rules prohibited everything from offensive body […]
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A steady job, with fewer perks
Tim Bradshaw knew he was entering a working world much different from that of his parents when he accepted a job more than 2 years ago with the City of Kentwood. Unlike many of his older coworkers, he would not earn credit toward a guaranteed monthly retirement check, and “my wife and I just assume […]
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You’re the Mayor
Tell us how cities can reduce worker retirement costs So you’ve read Bridge’s fairly terrifying report about how Michigan cities and towns have failed to fund employees’ pension and health-care plans, sometimes ignoring the problem for decades. The result: billions of dollars in unfunded retirement obligations across the state. Add to that crumbling infrastructure, dwindling […]
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Two cities that took control of retiree costs
They are the exceptions, but leaders in a handful of Michigan cities and towns foresaw the financial crisis that would overwhelm their communities if they didn’t begin setting aside enough money to pay the pensions and health insurance they promised workers when they retired. “It took about 10 years to figure this out,” said Eric […]
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Oakland County proposes legacy solution
Not long after Robert Daddow came to work for Oakland County 20 years ago, a couple of elected officials suggested the county should stop setting aside money for its retirees’ health insurance. No law required Michigan’s local governments to prefund the health care plans promised to retirees, so why pay for something now that you […]
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Michigan needs vibrant communities to attract business
Michigan native Kate McEnroe travels the country helping companies decide where to locate new manufacturing plants and offices. Firms typically weigh factors like access to transportation and customers, land and wage costs and the skill level of the labor pool. But one combination can be a deal-killer: high taxes and low quality of life. “If […]
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In downsized Flint, desperate retirees vs. struggling taxpayers
It is unfair to expect Flint’s current residents to bear the full brunt of the city’s legacy costs, which were incurred when the city’s population was twice its current level, Mayor Dayne Walling said. When Patty Tokar’s husband, Steve, retired from Flint’s sewer department in 1996, the couple figured they wouldn’t collect a large pension, […]
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