CIBC Wealth Management
CIBC Wealth Management is the brokerage division of the Canadian Imperial Bank of Commerce (CIBC). The CIBC prefers to use phrases like "wealth-building" and "wealth management" to describe its investment services. Like most banks, their financial products include stocks, bonds, mutual funds, managed portfolios, guaranteed investments, and credit. And like most retail businesses, they give free advice to their customers on what to buy.
In 2003, this division managed $193 billion in client assets and made $205 million of profit.
Wealth Management was headed by Gerald T. McCaughey, Chairman and Chief Executive Officer, CIBC World Markets and Vice Chair for Wealth Management. McCaughey is now CEO of CIBC.
This division was once called Wood Gundy and was once the biggest performing unit for CIBC.