DALLAS - Comerica Incorporated (NYSE: NYSE:CMA) has appointed Floyd Kessler as Executive Vice President, Chief Business Risk and Controls Officer, a role in which he will oversee risk management across the company's various revenue divisions. Kessler's appointment is part of Comerica's ongoing efforts to strengthen its risk management and control functions.
Kessler brings to the position a wealth of experience, with 18 years in risk management within the financial services industry, predominantly at USAA. There, he was instrumental in developing risk management strategies and establishing key risk functions, particularly during periods of significant growth. His recent role as Head of Non-Financial Risk Processes saw him focusing on foundational risk management strategies.
In his new role at Comerica, Kessler will be responsible for leading the Business Risk and Controls Office for the Commercial Bank, Marketing, Customer Experience, the Retail Bank, and Wealth Management. Peter Sefzik, Comerica's Chief Banking Officer, emphasized the importance of a robust risk culture for the bank's future growth and expressed confidence in Kessler's ability to establish the necessary controls to support this culture.
Kessler's background also includes service in the U.S. Navy and an academic foundation with a bachelor's degree in finance and a master's degree. He also holds a professional certification in Control Self-Assessment from the Institute of Internal Auditors.
This announcement comes as Comerica Bank celebrates its 175th anniversary. Comerica, headquartered in Dallas, Texas, operates as a financial services company with more than 400 banking centers across the U.S. and additional offices in Canada and Mexico. The bank reported total assets of $79.4 billion as of March 31, 2024, and is strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management.
The information reported is based on a press release statement from Comerica Incorporated.
InvestingPro Insights
As Comerica Incorporated (NYSE: CMA) welcomes Floyd Kessler to enhance its risk management framework, investors may be looking at the financial health and performance metrics of the company to understand its current position and future potential. According to real-time data from InvestingPro, Comerica has a market capitalization of $6.72 billion and a Price/Earnings (P/E) ratio of 10.06, which has slightly adjusted to 9.77 when looking at the last twelve months as of Q1 2024. This could indicate a favorable valuation compared to industry peers.
InvestingPro data also shows a gross profit of $3.313 billion for the same period, with an operating income margin of 34.14%, reflecting the company's efficiency in converting revenue into operating income. However, revenue has seen a downturn, with a decrease of 11.01% over the last twelve months as of Q1 2024. This dip in revenue growth is more pronounced on a quarterly basis, with a 19.79% decline in Q1 2024. These figures underscore the challenges Comerica may face, which Kessler's expertise in risk management could help to navigate.
InvestingPro Tips highlight that Comerica has maintained dividend payments for 54 consecutive years, which may appeal to income-focused investors, especially with a dividend yield of 5.66% as of the last reported date. Additionally, despite analysts expecting a drop in net income this year, they predict the company will be profitable, supported by the fact that Comerica has been profitable over the last twelve months. Moreover, the company has seen a large price uptick over the last six months, with a 30.66% total return, signaling investor confidence.
For those considering a deeper dive into Comerica's financials and future outlook, InvestingPro offers additional insights and analysis. There are more InvestingPro Tips available on the platform, which can provide a more comprehensive view of the company's performance and prospects. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for further details and analysis.
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