January 30, 2015 / 12:48 AM / in 3 years

CIBC latest Canadian lender to cut jobs, seeks to boost efficiency

Pedestrians use the CIBC ATM machines in Montreal, April 24, 2014. REUTERS/Christinne Muschi

TORONTO (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) is trimming its workforce as part of a realignment of its resources to help boost efficiency, the country’s fifth-biggest lender said on Thursday.

It did not mention the number of job losses nor the departments affected in an emailed statement. A source familiar with the matter said the cuts would roughly total 500.

“After careful review, we have made the difficult decision to selectively reduce a number of positions across CIBC,” the bank said in the statement.

The move makes it the latest Canadian bank to trim back after Bank of Nova Scotia (BNS.TO) and Royal Bank of Canada (RY.TO) cut positions late last year. 

The job losses were initially reported by the Wall Street Journal on Thursday.

CIBC, which has approximately 44,500 full- and part-time staff, said it would be a net recruiter in 2015 with plans to add 5,000 employees in the next year, it said.

Reporting by Euan Rocha; Editing by Alan Crosby

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