Comerica has formed a national investment banking unit within its capital markets business, expanding the number of products and services available to its commercial and wealth management clients.
Comerica Securities, a subsidiary of the Dallas-based parent company, will provide mergers and acquisitions services as well as private placement advisory services, the firm said.
The group will be led by Jack Mayer, head of investment banking, who joined Comerica from UBS in May 2022.
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Nicholas Amos and Jeff Wilson, who joined Comerica last year, will serve as managing directors, and Brian Miller, who most recently was vice president in Comerica’s environmental services division, will be a director.
Mayer, Amos & Wilson is based in Dallas, while Miller is based in Detroit, a company spokeswoman said in an email Thursday. According to the spokesperson, more employees will be added as the business grows.
Comerica said it is adding M&A and private placement advisory services as a result of client demand, competition from other banks and a desire to attract and retain more customers.
M&A services were “a missing element,” Bill Murdock, head of Comerica Capital Markets, said in an email. Focusing on such capabilities is one way to grow the client base by providing “a competitive advantage” that entices clients to “choose to bank with Comerica.”
“Adding these services allows us to help business owners through the entire lifecycle of their business with business transformation planning,” said Murdoch.
Some of Comerica’s peers have recently taken similar steps. Last year, Texas Capital Bank, based in Dallas, formed an investment bank as part of it Business strategy overhaul.
Separately, $85.4 billion-asset Comerica recently promoted three senior executives.
Peter Sefczyk, formerly Comerica’s executive director of commercial banking, became the company’s chief banking officer on Jan. 27. Sefzik, who has worked at Comerica since 1999, now oversees its commercial and retail banks as well as wealth management, marketing and customer experience, the company said.
Megan Crespi, formerly Comerica’s chief enterprise technology and operations services officer, became the firm’s chief operating officer. Before Crespi joined Comerica in 2020, he was Chief Technology Officer at Ally Bank. In his new role, his responsibilities will include technology, enterprise security, loan and trade services, corporate real estate and customer contact centers.
Megan Burkhart, meanwhile, has been promoted from chief human resources officer to chief administrative officer.
Burkhart, who has overseen human resources since 2010, will now lead the company’s business program management office and corporate responsibilities in addition to human resources, the company said.
Sefzik, Crespi and Burkhart will all continue to report to Comerica CEO Kurt Farmer. All three of their roles have been newly created, according to a company spokesperson.
