CIBC makes executive changes in wholesale banking team

Tue Sep 15, 2015 11:05am EDT
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By John Tilak

TORONTO, Sept 15 (Reuters) - Canadian Imperial Bank of Commerce has made two key executive changes within its wholesale banking business as Canada's fifth biggest bank further consolidates under Chief Executive Victor Dodig.

Dodig, who took over as CEO a year ago, has made several management shuffles in that time as he looks to address CIBC's competitive challenges in the domestic market.

In two newly created positions, Roman Dubczak has been named head of global investment banking and Christian Exshaw head of global markets, according to an internal memo seen by Reuters. The announcement came from Harry Culham, group head of wholesale banking.

Dubczak was previously head of equity markets, and Exshaw was earlier head of capital markets trading.

Dubczak's appointment follows the planned retirement of Geoff Belsher, group co-head of CIBC's wholesale banking business. Dubczak is seen taking on some of Belsher's responsibilities and will now oversee M&A advisory, equity capital markets and debt capital markets.

For the first half of the year, CIBC ranked No. 3 in equity capital markets, No. 2 in debt capital markets and did not find a place in the top 10 in mergers and acquisitions, according to Thomson Reuters data for Canada.

CIBC has advised Element Financial, Brookfield Asset Management Inc and Bombardier Inc on equity deals this year. (Reporting by John Tilak; Editing by Andrea Ricci)