February 21, 2020 / 11:05 AM / 4 months ago

CIBC plans to shuffle executives, cut 2,000 jobs - Globe and Mail

Feb 21 (Reuters) - Canadian Imperial Bank of Commerce is expected to make changes to its senior executive ranks and announce about 2,000 job cuts when it reports first-quarter earnings next week, the Globe and Mail reported tgam.ca/2uguwyL on Friday.

CIBC plans to move Christina Kramer, the head of personal and small-business banking, to a new role as head of technology and operations, while current chief risk officer Laura Dottori-Attanasio will take Kramer’s place at the helm of the retail banking division, the newspaper reported, citing sources familiar with the matter.

Victor Dodig, chief executive officer of Canada’s fifth-largest bank, told staff late last month that CIBC needs to challenge itself to be “a more efficient bank by focusing on continuous improvement and keeping a careful eye on costs”.

Controlling costs is particularly vital for CIBC, which already expects expenses to grow at 4%-5% this year, double the pace of its rivals.

CIBC did not immediately respond to a Reuters request for comment. (Reporting by C Nivedita in Bengaluru; Editing by Shounak Dasgupta)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below