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Company News

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)

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