Comerica Incorporated (NYSE:CMA) announced the appointment of Brian Goldman as its new Chief Risk Officer on Thursday. The decision came as Jay Oberg, the current Chief Risk Officer, is set to retire in December 2024 after a 32-year tenure with the company. Goldman will take over his new role on December 4, 2023.
Goldman brings extensive experience from his previous positions at Goldman Sachs and Citibank. He held various risk management roles, including Chief Risk Officer for the Operations Division and Head of Enterprise Risk Management at Goldman Sachs. Most recently, he served as the Head of Operational Risk for the Institutional Clients Group (ICG) at Citibank NA.
As Chief Risk Officer at Comerica, Goldman will report to Curt Farmer, the company's Chairman, President, and CEO, as well as the Enterprise Risk Committee. His responsibilities will encompass managing enterprise-wide risk, incorporating risk principles into strategic planning, leading second line risk management function, and identifying potential risks.
Oberg started his career at Comerica as a financial analyst in 1991 and climbed the ranks to become Executive Vice President. As a University of Michigan Finance graduate, he has played a pivotal role in Comerica's growth over the years.
Comerica Incorporated is a Dallas-based financial services company that has been operating for 174 years. It offers services across three business segments: Commercial Banking, Retail Banking, and Wealth Management. As of September 30, 2023, it reported total assets of $85.7 billion. The company has expanded its operations to serve 14 of the 15 largest U.S. metropolitan areas across 17 states, Canada, and Mexico.
InvestingPro Insights
Comerica Incorporated (CMA) has been a consistent performer in the financial sector. According to InvestingPro data, the company has shown a steady increase in earnings per share, a key indicator of financial health. This is complemented by the fact that the company has maintained dividend payments for an impressive 53 consecutive years, providing significant returns to its shareholders.
On the other hand, InvestingPro also highlights that 14 analysts have revised their earnings estimates downwards for the upcoming period. This suggests that there may be some challenges ahead. Despite this, the company's stock is currently trading at a low P/E ratio relative to near-term earnings growth and at a low earnings multiple, which could indicate a potential investment opportunity.
InvestingPro offers additional tips on a variety of companies including Comerica. For instance, there are 6 more tips available for Comerica Incorporated, which could provide further insights into the company's financial performance and potential investment opportunities.
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