This excerpt taken from the CMA 8-K filed Jan 22, 2009.
Full-Year 2009 Outlook Compared to Full-Year 2008
Management provides the following general comments with the observation that it is increasingly difficult to forecast in the current uncertain economic environment.
· Management expects to focus on new and expanding relationships, particularly in Small Business, Middle Market and Wealth Management in Texas and California with the appropriate pricing and credit standards.
· Management expects average full-year net interest margin pressure will continue. Management anticipates no change in the Federal Funds rate. Management also expects continued improvement in loan spreads, challenging deposit pricing and demand deposits that provide less value in an historically low interest rate environment.
· Management expects full-year net credit-related charge-offs to remain consistent with full-year 2008. The provision for credit losses is expected to exceed net charge-offs.
· Management expects a mid-single digit decrease in noninterest expenses, due to control of discretionary expenses and workforce.
COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS