Canadian Imperial Bank of Commerce
|Traded as||TSX: CM
S&P/TSX 60 component
|Industry||Financial Services, Banking|
Toronto, Ontario, Canada
|Key people||Gerald T. McCaughey, CEO|
|Revenue||$12.1 billion CAD (2010)|
|Net income||$2.5 billion CAD (2010)|
|Total assets||$352.0 billion CAD (2010)|
|Employees||42,354 (Full-time equivalent, 2010)|
|Subsidiaries||CIBC World Markets
CIBC Retail Markets
CIBC Imperial Service
CIBC Wood Gundy
The Canadian Imperial Bank of Commerce (French: Banque Canadienne Impériale de Commerce), commonly CIBC, is one of Canada's chartered banks, fifth largest by deposits. The bank is headquartered at Commerce Court in Toronto, Ontario. CIBC's Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT.
The bank's two strategic business units, CIBC World Markets and CIBC Retail Markets, also have international operations in the United States, the Caribbean, Asia and the United Kingdom. Globally, CIBC serves more than eleven million clients, and has over 40,000 employees. The company ranks at number 172 on the Forbes Global 2000 listing. CIBC was named the strongest bank in Canada and North America, and the 3rd strongest bank in the world, by Bloomberg Markets magazine, in May 2012.
The Canadian Imperial Bank of Commerce, as it is known today, came into being in 1961. The bank was formed through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada. At the time, they were two of Canada's largest banks.
The Canadian Bank of Commerce opened for business on May 15, 1867 in Toronto and was founded by the Honourable William McMaster as competition for the Bank of Montreal. By 1874 it had 24 branches.
The Imperial Bank of Canada opened in Toronto on March 18, 1875, founded by former Commerce Vice-president Henry Stark Howland.
By the end of 1895, the Canadian Bank of Commerce had 58 branches and the Imperial Bank of Canada 18.
Following the 1896 discovery of gold in the Yukon, the Dominion Government asked the Canadian Bank of Commerce to open a branch in Dawson City. With acquisitions in the 1920s, the Commerce became one of the strongest branch networks in Canada with well over 700 branches. Internationally the bank opened branches in Cuba, Jamaica, Barbados and Trinidad during the 1920s.
Wood, Gundy & Company, the precursor of CIBC's investment banking arm, opened its doors on February 1, 1905. During World War I, it took a prominent and active role in the organization of Victory Loans.
The Canadian Bank of Commerce opened its new head office in Toronto in 1931. An observation gallery on the 32nd floor was a popular tourist attraction where, for the first time, visitors could get an aerial view of the city.
In 1936, the Commerce was the first Canadian bank to establish a personal loans department.
Following the war, both banks started to open new branches. Although the banks had been barred from the mortgage business since 1871, the Canadian government now called upon them to provide mortgage services. So, in 1954, Canadian banks started offering mortgages for new construction.
Forming Canadian Imperial Bank of Commerce 
In 1960, Imperial Chairman Stuart Mackersy approached Neil McKinnon the President of the Commerce with a proposal to merge the two banks. This followed a decade of expansion in the Canadian economy and Canada's capitalization of the industrialization of its natural resources. A deal between the two banks was quickly reached.
On June 1, 1961, the Canadian Imperial Bank of Commerce was formed through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada which had over 1,200 branches across Canada. The new bank had the most resources and the most branches of any bank in the country.
Following the merger, the new bank commissioned a new head office. While planning to retain Commerce Court North, the bank hired architect I. M. Pei to design a three-building complex. The result was Commerce Court consisting of a landscaped courtyard complementing the existing building and included the newly built 786-foot Commerce Court West. When it was completed in 1973, the 57-storey building was the tallest building in Canada, and the largest stainless-steel-clad building in the world.
In 1967, both Canada and CIBC celebrated their centenaries. CIBC was the only chartered bank to have a branch on-site at Expo 67. It was also at this time that computerization began to change banking services. That same year the Yonge and Bloor branch in Toronto was the first Canadian bank branch to update customer bank books through computer. This also marked the introduction of inter-branch banking. Before the decade was out, CIBC had introduced the first 24-hour cash dispenser, which would eventually become the ATM. Changes to federal and provincial regulations ending the separation of banks, investment dealers, trust companies and insurance companies came in 1987. CIBC quickly took advantage of this and became the first Canadian bank to operate an investment dealer, CIBC Securities, offering services to the public.
In 1988, CIBC acquired a majority interest in Wood Gundy Inc. who brought its reputation in underwriting and its name. Shortly thereafter Wood Gundy and CIBC Securities merged to become CIBC Wood Gundy which would later become CIBC Oppenheimer in 1997 and then CIBC World Markets.
In 1992, CIBC introduced automated telephone banking; in 1995 its launched its website, and shortly thereafter began offering banking services online. In 1998, CIBC joined with Loblaws to create President's Choice Financial which was launched in 28 Ottawa area stores.
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There was an attempt by CIBC to merge with the Toronto-Dominion Bank in 1998. However, the Government of Canada at the lead of then Finance Minister Paul Martin blocked the merger -- as well as one proposed by the Bank of Montreal with the Royal Bank of Canada -- from occurring as not in the best interest of Canadians
In December 2006, CIBC acquired majority control of its publicly held joint venture FirstCaribbean International Bank for just over US$1 billion (Bds$2 billion), from Barclays Bank 's acquiring its 43.7% stake.
On February 12, 2009 the Trinidad and Tobago Express newspaper reported that CIBC may enter into discussions to buy out CL Financial's stake in the Republic Bank of Trinidad and Tobago. Due to CL Financial financial issues during the Global financial crisis of 2008–2009. As of May 2010, no further information was available.
In February, 2010 CIBC became the first chartered bank in Canada to launch a mobile banking iPhone App. It surpassed 100,000 downloads in just over one month following launch, with over 1 million client logins to CIBC Mobile Banking since its introduction.
In October 2010, CIBC announced that it would be the first bank in Canada to introduce the internationally used Visa-branded debit card.
Notable corporate activities and international operations 
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North America 
- CIBC Mellon Global Securities Services: formed by CIBC and Mellon Bank Corp. (now Bank of New York Mellon) of Pittsburgh PA 1996 and Canada Trust's (now TD Canada Trust) pension and custody business in 1997
- Canadian Eastern Finance Limited (CEF): formed by CIBC and Hutchison Whampoa of Hong Kong; includes CEF Capital Limited, CEF Investment Management Limited
- President's Choice Financial: A joint venture between CIBC and Loblaw Companies Limited; PC Financial's banking services such as deposit accounts, investments and credit products (excluding Mastercard) are provided by a division of CIBC Retail Markets, formerly Amicus Bank. In 2005 Amicus was dissolved as a separate legal entity.
- Amicus FSB: A similar setup as President's Choice Financial, it was created in 1999 in the United States with Winn Dixie and Safeway Inc. under the Marketplace Bank and Safeway Select Bank brands. It was disbanded in 2002 and sold to E*Trade Bank.
- Soltrus Inc 2001: provider of digital trust services for businesses and consumers to communicate and transact over digital networks owned by CIBC, Telus Corp and VeriSign Inc.
- Aplettix Inc 2000: firm specializing in secure transaction systems in the banking sector; CIBC signed an agreement with the New York based firm in 2000, but the project was later abandoned for alternatives such as VeriSign
- Canadian Defence Community Banking - CIBC and the Department of National Defence have worked together to develop Canadian Defence Community Banking, a banking program created specifically to meet the unique needs of the Canadian military community. Services are provided by CIBC Retail Markets in the same way as the CIBC PC Financial products.
Caribbean and the West Indies 
In 1920, Canadian Bank of Commerce established its first branches in the West Indies in Bridgetown, Barbados and in Kingston, Jamaica. That same year it also opened branches in Port of Spain, Trinidad and Havana, Cuba. The bank had already opened a branch in Mexico City in 1910. In 1957, the bank opened a branch in Nassau, the Bahamas, and in the subsequent years expanded its operations in Jamaica.
Between 1963 and 1988, the bank expanded its branch network in Barbados opened branches in St. Vincent, Antigua, and St Lucia. In 1988, CIBC sold 45% of its shares in CIBC Jamaica via a public share issue. Between 1993 and 1996, CIBC restructured its holdings in the Caribbean, with the incorporation of CIBC West Indies Holdings Limited and CIBC Caribbean Limited. CIBC West Indies Holdings then sold 30% of its shares to the public. In 1997, CIBC issued 5 million shares in CIBC Bahamas Limited to the public. On October 31, 2001 Barclays Bank PLC and CIBC agreed to combine their Caribbean operations to establish FirstCaribbean International Bank.
Restructuring and outsourcing 
- HP Intria Items (Intria Corp): Formed by CIBC with Hewlett Packard and Fiserv Canada in 1996. In 2005, CIBC acquired the remaining shares from Fiserv and Intria becomes a unit of CIBC
- EDULINX Canada Corporation: Established in 1999, it was sold to Nelnet Canada Inc, the Canadian unit of Nelnet, Inc. of the U.S., in late 2004
- Toronto Blue Jays Baseball Club: Founding owners of the MLB team in 1977 and had a 10% stake with majority owner Labatt's Breweries (later acquired by InterBrew NV) and sold to Rogers Media in 2000
- CIBC Leadership Centre: In 2001, the King City facility was sold to Benchmark Hospitality as the bank began to divest real estate or investment in areas outside of its business strategies
- TSYS: In 2002, a 10 year agreement was signed with Total Systems Services Inc of Columbus, Georgia to outsource credit card processing operations
- Juniper Financial Corporation: The bank acquired the Wilmington, Delaware credit card issuer 2001 and sold to Barclays Bank in 2004
Li Ka Shing, Hong Kong billionaire was the largest foreign shareholder in the bank for over two decades, but in early 2005 he sold his portion (est. C$1.2 billion) to establish a Canadian charity, the Li Ka Shing Foundation. CIBC was Mr. Li's choice for financing many of his Canadian ventures, like Husky Energy. Mr. Li had reportedly backed personal and commercial banking head Holger Kluge to succeed Al Flood as CEO of CIBC in 1999.
Corporate governance 
CIBC is well known for its publicized battles of succession to the top position of President and CEO (formerly styled Chairman and CEO until 2003 when the positions were separated). When Al Flood became CEO, one of his first acts was to fire his chief rival Paul Cantor. 1999 saw a competition between Wood Gundy (now CIBC World Markets) chief John S. Hunkin and Personal/Commercial banking head Holger Kluge, with Kluge retiring the firm after Hunkin was selected. In February 2004, Hunkin forced his friend and heir-apparent David Kassie to resign as Chairman and CEO of World Markets after several scandals in the US (both men had given up their bonuses in 2002 after that year produced the worst results in the history of CIBC). Kassie afterwards founded Genuity Capital and was alleged to have raided 20 key employees from World Markets for his new startup, causing CIBC to file a lawsuit. Gerald T. McCaughey was named as Kassie's replacement for World Markets. Not long after he was promoted to President and Chief Operating Officer, assuring his succession to CEO, Jill Denham, Vice Chair of Retail Markets and a potential candidate for the CEO post, was reportedly dismissed by McCaughey. Denham was reported close to Hunkin and Kassie and McCaughey wanted to build his own senior executive team.
Current senior executive team:
- Gerald T. McCaughey - President and CEO
- Mike Capatides - Chief Administrative Officer and General Counsel, Administration Division
- Victor Dodig - Senior Executive Vice-President, and Group Head, Wealth Management
- Kevin Glass - Senior Executive-Vice President, and Chief Financial Officer
- Richard Nesbitt - Senior Executive Vice-President, and Group Head, Wholesale, International, and Technology and Operations
- Hon. Jim Prentice P.C., Q.C. - Senior Executive Vice-President and Vice Chairman
- Richard E. Venn - Senior Executive Vice-President, and Managing Director and Deputy Chair, CIBC World Markets Inc.
- David Williamson - Senior Executive Vice-President, and Group Head, Retail and Business Banking
- Tom Woods - Senior Executive Vice-President and Chief Risk Officer, Risk Management
Current members of the Board of Directors:
- Brent S. Belzberg (2005); Senior Managing Partner, Torquest Partners Inc.
- Jalynn H. Bennett (1994) C.M.; President, Jalynn H. Bennett and Associates Ltd.
- Gary F. Colter (2003) F.C.A.; President, CRS Inc.
- Dominic D'Alessandro (2010); Past President and Chief Executive Officer, Manulife Financial Corporation
- Patrick D. Daniel(2009) B.S., M.S. Chem. E; President and Chief Executive Officer, Enbridge Inc.
- Luc Desjardins (2009); Equity Partner, The Sterling Group, LP
- Gordon D. Giffin (2001); Senior Partner, McKenna Long & Aldridge LLP
- Linda S. Hasenfratz (2004); Chief Executive Officer, Linamar Corporation
- Nicholas D. Le Pan (2008); Consultant, 6610587 Canada Inc.
- John P. Manley, P.C. (2005); President and Chief Executive Officer, Canadian Council of Chief Executives
- Gerald T. McCaughey (2005); President and Chief Executive Officer, CIBC
- Jane L. Peverett (2009); Corporate Director
- Leslie Rahl (2007) B.Sc., M.B.A.; Founder and Managing Partner, Capital Market Risk Advisors, Inc.
- Charles Sirois (1997) C.M., B.Fin., M.Fin.; Chair of the Board, CIBC
- Robert J. Steacy (2008); Corporate Director
- Katherine B. Stevenson (2011); Corporate Director
- Ronald W. Tysoe (2004); Corporate Director
Awards and recognition 
- CIBC was named Canada’s Best Consumer Internet Bank for the third year in a row by Global Finance magazine in its 11th annual “World’s Best Internet Banks” competition.
- CIBC was selected by Corporate Knights as one of the Best 50 Corporate Citizens for 2010, marking the sixth time the bank has made the list since the annual ranking began in 2002.
- CIBC was named one of Canada's 50 Most Socially Responsible Corporations in a recent report released this week by Jantzi Research and Maclean's. The annual Jantzi-Maclean's Corporate Social Responsibility Report recognizes the top 50 corporations who perform best across a broad range of environmental, social, and governance indicators as tracked by Jantzi Research.
- CIBC was recognized by the Sponsorship Marketing Council of Canada (SMCC) with the Award of Distinction in the Sustained Success category for its sponsorship of the Canadian Breast Cancer Foundation CIBC Run for the Cure. The award recognizes the highest level of accountability, effectiveness and return on investment over a period of three years or longer. CIBC also won this award in 2006 and 2007 for the Run for the Cure.
- CIBC has for the third consecutive year been recognized as one of Canada's Best Employers for New Canadians. The award recognizes employers across Canada who are leaders in creating a workplace that welcomes new Canadians and allows them to make the most of their skills, education and talents. The winners were selected by the editors of Canada's Top 100 Employers.
- CIBC was a winner in one category and runner up in a second at the 2009 Global Six Sigma & Business Improvement Awards. CIBC won the award for "Best Project Achievement in Business Enabling Processes" for enhancements to debit card fraud processes.
- The Association of Fundraising Professionals (AFP) Greater Toronto Chapter presented CIBC with the 2009 Outstanding Corporation Philanthropy Award. Nominated for the award by three outstanding charities with which CIBC has had long-standing relationships - Skills for Change, St. Michael's Hospital and the Canadian Breast Cancer Foundation - CIBC was recognized for the scope of its community investment programs. We[who?] were also recognized for our exceptional commitment to providing ongoing support to more than 2,500 organizations that focus on youth, education and health.
- For the second consecutive year, CIBC was recognized with a Silver Canadian Award for Training Excellence in Internal eLearning from the Canadian Society for Training and Development (CSTD).
- CIBC was honoured at the Canadian Society for Training and Development (CSTD) President’s Dinner with a Canadian WOW Award for training excellence in recognition of the success of its CIBC Connection to Employment initiative. A free, unpaid five-week job readiness training program led jointly by CIBC and the YMCA, CIBC Connection to Employment prepares qualified newcomers for careers in the Canadian financial services industry.
- CIBC.com is now the first Canadian bank website to receive CNIB Site Check certification for providing barrier-free web access to people who are blind or have vision loss. The CNIB Site Check program evaluates the accessibility of websites based upon a range of criteria and gives a passing grade to sites that provide barrier-free web design.
- CIBC was selected for the third year in a row as a 2009 Climate Disclosure Leader by the Conference Board of Canada and the Carbon Disclosure Project (CDP). CIBC was one of only five low-carbon impact sector companies in the 15 company leadership group out of the 200 most valuable companies by market capitalization listed on the Toronto Stock Exchange.
- CIBC was selected as a component of the Dow Jones Sustainability Index (DJSI), an influential benchmark for socially responsible asset managers. CIBC is one of 25 financial institutions from around the world and one of only 11 Canadian financial institutions selected.
- CIBC was awarded the 2009 Outstanding Corporation Philanthropy Award by the Greater Toronto Chapter of the Association of Fundraising Professionals (AFP). The annual AFP Philanthropy Awards are a celebration of the outstanding contribution of time, leadership and financial support made by organizations and individuals who have shown excellence in encouraging the spirit of giving.
- CIBC was voted the "Best Consumer Internet Bank" in Canada with the "Best Online Consumer Credit Site" in North America for the second year in a row, according to Global Finance magazine in its 10th annual "World's Best Internet Banks" competition.
- CIBC was selected as a member of the Best 50 Corporate Citizens list for 2009 by Corporate Knights. The list was established in 2002 and this year marks CIBC's fifth time on the list since its inception.
- CIBC's Campus Recruitment Team was recognized by the University of Toronto's Rotman School of Management as the 2009 Rotman Student Choice Award Winner in the financial services category. CIBC was also named as the 2008 top employer for summer recruitment in the same category.
- CIBC was honoured with four 2009 mutual fund Lipper Awards and seven Lipper Certificates. CIBC took home the most individual trophy awards and tied for first place in the total number of awards and certificates combined.
- CIBC received the 2009 Edmonton Mayor's Celebration of the Arts Award for Innovative Support for the "CIBC Theatre for All" program. This annual event showcases Edmonton's arts community and celebrates vital partnerships between business and the arts.
- The 2008 debut of CIBC's covered bond program was named "Securitization Deal of the Year" by International Financial Law Review, an affiliate of Euromoney. The award recognizes CIBC's program as the most innovative and creative of all securitization deals done across the Americas in 2008, beating out nominated deals involving AIG and Banco Internacional del Peru (Interbank).
- CIBC was named one of this country's "Best Employers for New Canadians" for creating an inclusive workplace that allows newcomers to make the most of their skills and education in their new home. The editors of Canada's Top 100 Employers and representatives from the Toronto Region Immigrant Employment Council (TRIEC) made the announcement.
Settlements and controversies 
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On December 22, 2003, the United States Security and Exchange Commission (SEC) fined CIBC US$80 million for its role in the manipulation of Enron financial statements. This consists of $37.5 million to repay ill-gotten gains, a $37.5 million penalty and $5 million in interest. The money is intended to be returned to Enron fraud victims pursuant to the Fair Fund provisions of Section 308(a) of the Sarbanes-Oxley Act of 2002.
The SEC also sued three of CIBC's executives. CIBC Executive Vice President Daniel Ferguson and former CIBC Executive Director Mark Wolf agreed to settle for US$563,000 and US$60,000, respectively. Ian Schottlaender, former managing director in CIBC's corporate leveraged finance group in New York initially contested the charges but on July 12, 2004 he agreed to pay US$ 528,750 as well as be barred from serving as an officer or director of a publicly traded company for a period of five years. Under these agreements the individuals neither admit nor deny wrongdoing.
The SEC complaint charges that "CIBC and the three executives with having helped Enron to mislead its investors through a series of complex structured finance transactions over a period of several years preceding Enron's bankruptcy." The agreement reached between the SEC and CIBC permanently enjoins CIBC from violating the antifraud, books and records, and internal control provisions of the federal securities laws.
On August 2, 2005 CIBC paid US$2.4 billion to settle a class action lawsuit brought by a group of pension funds and investment managers, including the University of California, which claims that "systematic fraud by Enron and its officers led to the loss of billions and the collapse of the company."
Market timing 
On July 25, 2005 CIBC confirmed it would pay US$125 million to settle an investigation into its role in the 2003 Mutual-fund scandal. Linda Chatman Thomsen, director of the SEC's division of enforcement, said, "by knowingly financing customers' late trading and market timing, as well as providing financing in amounts far greater than the law allows, CIHI and World Markets boosted their customers' trading profits at the expense of long-term mutual fund shareholders." Under the settlement, CIBC neither admits nor denies the allegations.
Visa cardholders 
On August 27, 2004 CIBC confirmed that it would settle a class-action lawsuit on behalf of CIBC Visa cardholders. The plaintiffs, represented by Paul Pape and Harvey Strosberg of the Toronto law firm Pape Barristers, alleged that the conversion of foreign-currency transactions resulted in an undisclosed or inadequately disclosed mark-up. After having been approved by an Ontario Superior Court judge, CIBC announced on October 15, 2004 that the settlement will result in the bank paying $13.85 million to its cardholders, $1 million to the United Way, $1.65 million to the Class Action Fund of the Law Society of Upper Canada, and $3 million in legal fees. The bank also announced that it has not admitted any liability and is settling to avoid further litigation with its cardholders.
Voluntary refund of erroneous charges 
On May 20, 2004 CIBC announced that it would refund $24 million to some of its customers as a result of erroneous overdraft and mortgage charges which were discovered in the course of an internal review. "This is being done as part of CIBC's effort to correct its error and to ensure that it distributes to customers all of the money it received in error," the bank said.
In another similar incident, CIBC announced on April 27, 2006 that it's refunding an additional $27 million to about 200,000 clients who were overcharged for certain overdraft fees and other borrowing transactions, some of which date back to 1993. In cases where clients were undercharged, the bank decided not to seek reimbursement.
On April 18, 2005 the Privacy Commissioner of Canada expressed disappointment in the way CIBC dealt with incidents involving the bank misdirecting faxes containing customers' personal information. One involved misdirecting faxes to a scrap yard operator in West Virginia from 2001 to 2004. The misdirected faxes contained the social security numbers, home addresses, phone numbers, and detailed bank account data of several hundred bank customers.
The second incident involved a Dorval businessman and allegedly took place from 2000 to 2004. In both cases, the commissioner noted that the bank did not inform the affected clients, whose personal information was compromised, until the incidents became public and an investigation was underway.
A few days after the story broke on CTV News and The Globe and Mail, CIBC announced that it had banned its employees from using fax machines to transmit any documents containing confidential customer information.
On January 18, 2007 CIBC Asset Management announced that the personal information of about 470,000 current and former clients of Talvest Mutual Funds, a CIBC subsidiary, had gone missing. The information may have included client names, addresses, signatures, dates of birth, bank account numbers, beneficiary information and/or Social Insurance Numbers. The incident emanated from the disappearance of a hard drive containing information on "the process used to open and administer" customer accounts as it was traveling between the bank's Montreal and Toronto offices. The Privacy Commissioner of Canada stated, "Although I appreciate that the bank notified us of this incident and that it is working cooperatively with my Office, I am nevertheless deeply troubled, especially given the magnitude of this breach, which puts at risk the personal information of hundreds of thousands of Canadians." She immediately launched a privacy investigation.
Employee overtime 
In June 2007, CIBC was named in a $600 million class-action lawsuit regarding the lack of overtime pay to its customer service staff. The case was recently dismissed by Madam Justice Joan Lax of the Ontario Superior Court where she stated the evidence "provides no basis in fact that there is a systemic practice of unpaid overtime at CIBC."
" The lawsuit was originally launched by Dara Fresco, a head teller at the bank, who was being represented by the law firms Roy Elliot Kim O'Connor LLP and Sack Goldblatt Mitchell LLP.Court of Appeal holds bank class actions may proceed On June 26, 2012, the Ontario Court of Appeal released three decisions in connection with unpaid overtime class actions.
Fresco v. Canadian Imperial Bank of Commerce is a class action brought on behalf of current and former non-management, non-unionized employees of CIBC in Canada who are or were tellers or other front-line customer service employees working at CIBC retail branch office across Canada. The lawsuit alleges that class members are assigned heavier workloads than can be completed within their standard working hours. They are required or permitted to work overtime to meet the demands of their jobs and CIBC fails to pay for the overtime work in direct contravention of the Canada Labour Code under which they are regulated.
The Superior Court of Justice refused to certify the CIBC class action. The representative plaintiff appealed that decision to the Divisional Court, but the appeal was dismissed. The plaintiff then appealed to the Court of Appeal.
Fulawka v. The Bank of Nova Scotia is a class action brought on behalf of current and former non-management, non-unionized employees of Scotiabank who are or were personal bankers or other front-line customer service employees working at Scotiabank retail branch offices across Canada. The lawsuit alleges that class members are assigned heavier workloads than can be completed within their standard working hours and that they are required or permitted to work overtime to meet the demands of their jobs and Scotiabank fails to pay for the overtime work in direct contravention of the Canada Labour Code under which they are regulated.
The Scotiabank class action was certified by the Superior Court of Justice. Scotiabank appealed the certification decision to the Divisonal Court, but that appeal was dismissed. Scotiabank then appealed to the Ontario Court of Appeal.
The Court of Appeal's Decisions
The Court of Appeal allowed the plaintiff's appeal in the CIBC class action, and certified the class action. The Court dismissed Scotiabank's appeal. Accordingly, both unpaid overtime class actions against the banks have been certified and will now proceed."
In October 27,2011, CIBC announces partnership with PANAM Toronto 2015 Organizing Committee to become lead partner of the PANAM / PARAPAN 2015 Games
Credit agency ratings 
On October 26, 2012, rating agency Moody’s Investors Service said it is reviewing the long-term ratings of the Canadian Imperial Bank of Commerce, because of concerns about consumer debt levels, housing prices, a sizable exposure to capital markets and more.
Significant buildings occupied 
- Commerce Court
- Tour CIBC
- 2 Bloor Street West
- CIBC 750 Lawrence
- Bankers Hall East
- Bell Trinity Square
- Brookfield Place
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- Rupert Canadian Investment Bank Review McGraw-Hill Ryerson, Limited 1992
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