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The '''Canadian Imperial Bank of Commerce''' (in French, '''Banque Canadienne Impériale de Commerce''', and commonly '''CIBC''' in either language) is one of Canada's chartered banks, fifth [[Big Five (banks)|largest]] by deposits. The bank is headquartered at Commerce Court in [[Toronto, Ontario]].
The '''Canadian Imperial Bank of Commerce''' (in French, '''Banque Canadienne Impériale de Commerce''', and commonly '''CIBC''' in either language) is one of Canada's [[Big Five]] chartered banks, fifth [[Big Five (banks)|largest]] by deposits. The bank is headquartered at Commerce Court in [[Toronto, Ontario]].


CIBC also operates in the [[United States]], the [[Caribbean]], [[Asia]] and the [[United Kingdom]], and serves more than eleven million clients and has more than 40,000 employees worldwide. The company ranks at number 159 on the [[Forbes Global 2000]] listing.<ref>[http://www.forbes.com/lists/2008/18/biz_2000global08_The-Global-2000_Rank.html Forbes Global 2000 List, 2008 edition]</ref>
CIBC also operates in the [[United States]], the [[Caribbean]], [[Asia]] and the [[United Kingdom]], and serves more than eleven million clients and has more than 40,000 employees worldwide. The company ranks at number 159 on the [[Forbes Global 2000]] listing.<ref>[http://www.forbes.com/lists/2008/18/biz_2000global08_The-Global-2000_Rank.html Forbes Global 2000 List, 2008 edition]</ref>

Revision as of 00:34, 28 May 2009

Canadian Imperial Bank of Commerce
Banque Canadienne Impériale de Commerce
Company typePublic
TSX: CM
NYSE: CM
IndustryFinancial Services
FoundedToronto, Ontario, 1867
HeadquartersToronto, Ontario, Canada
Key people
Gerald T. McCaughey,
Chief Executive Officer
RevenueIncrease $14.16 Billion CAD (2008)
Decrease $2.04 Billion CAD (2008)
Total assets$353.93 Billion CAD (2008)
Number of employees
40,457 (2008)
Websitehttp://cibc.com/

The Canadian Imperial Bank of Commerce (in French, Banque Canadienne Impériale de Commerce, and commonly CIBC in either language) is one of Canada's Big Five chartered banks, fifth largest by deposits. The bank is headquartered at Commerce Court in Toronto, Ontario.

CIBC also operates in the United States, the Caribbean, Asia and the United Kingdom, and serves more than eleven million clients and has more than 40,000 employees worldwide. The company ranks at number 159 on the Forbes Global 2000 listing.[1]

Current Operations

La Tour CIBC in downtown Montreal.

Company Divisions

CIBC has two strategic business units:

The functional groups that provide support across CIBC are:

  • Risk Management
  • Administration Division
  • Corporate Development
  • Technology and Operations
  • Finance

Operational Facts

  • Total Employees (worldwide): 42,457
  • Total Branches (Canada): 1,048
  • Total ATMs (Canada): 3,700

Memberships

CIBC is a registered member of the Canadian Bankers Association and the Canada Deposit Insurance Corporation. It is also a member of:

History

The Bankers Hall twin buildings in Calgary, of which the east building CIBC occupies.

Overview

In 1867 the Canadian Bank of Commerce opened in Toronto with a charter purchased from the now-defunct Bank of Canada. The Imperial Bank of Canada opened a few years later in 1875, also based in Toronto. The Canadian Bank of Commerce opened a branch in London in 1901. The oldest ancestor of CIBC's many original components is the Halifax Banking Company founded in 1825 by Enos Collins.

Across World War I and II, 4,001 staff from the Canadian Bank of Commerce enlisted in the war effort. A memorial at Commerce Court in Toronto, Ontario commemorates their sacrifice.

In 1961, the Canadian Bank of Commerce and the Imperial Bank of Canada merged to form the Canadian Imperial Bank of Commerce, and in 1962, opened a major new banking centre in Montreal, Quebec with the construction of La Tour CIBC.

CIBC was the first Canadian bank to introduce bank machines, with the Automated Cash Dispenser in 1969.

In 1988 CIBC moved into the investment market by purchasing Wood Gundy Inc. In 1997 it did the same in the United States by purchasing Oppenheimer & Co..

As of 1996, CIBC began operating President's Choice Financial in partnership with Loblaws.

Apart from its Canadian operations, CIBC operates internationally, with branches in Asia, the United States, and the Caribbean.


Corporate Governance

Executives

La Tour CIBC from the east in downtown Montreal.
  • Gerald T. McCaughey - President and CEO
  • Sonia Baxendale - Senior Executive Vice-President, CIBC Retail Markets
  • Ron Lalonde - Senior Executive Vice-President, Administration, Technology & Operations
  • Richard E. Venn - Senior Executive Vice-President, Corporate Development
  • Tom Woods - Senior Executive Vice President and Chief Risk Officer, CIBC
  • Mike Capatides - Senior Executive Vice-President and General Counsel
  • Richard Nesbitt - CEO, CIBC World Markets

Current members of the board of directors include:

Notable Buildings

References

  • A History of the Canadian Bank of Commerce by Victor Ross (1920-1934)
  1. ^ Forbes Global 2000 List, 2008 edition
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