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 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.
Current operations
Company divisions
CIBC has two strategic business units:
- CIBC Retail Markets
- CIBC Wholesale Banking
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
- As of October 31, 2007, CIBC had assets of $342 billion
- Market capitalization of $34.2 billion.
- Revenue as of October 31, 2007 was $12.1 billion.
- Net income for the year ended October 31, 2007 was $3.3 billion or $9.21 per share.
- The CIBC group of companies contributed more than $36 million worldwide to charitable organizations and community initiatives. Of this, more than $27 million was invested in Canada, including more than $20 million in charitable donations, to support a wide variety of national, regional and local organizations in the areas of health, education, community, arts and culture, the environment and the United Way.
Memberships
CIBC is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC) , a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:
- Interac
- VISA International Network
- Aeroplan Rewards
- Plus Network for VISA and bank cards
Recent Events
- 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.
- 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.
- CIBC announced a US$2.4 billion payout agreement in principle to settle the Enron class action litigation on behalf of Enron security purchasers on August 2005, but this led to a drop in share prices and outcry from the bank's shareholders. Some demand former chief executive John S. Hunkin to pay back some of his bonuses and shares in light of this large fine payout. CBC News reported that Hunkin is on vacation in Chester, Nova Scotia and avoiding all questions relating to Enron.
- In 2005, CIBC stock had a roller-coaster ride. It starting the year at $70 per share when Li Ka Shing sold his stake and steadily rose to $80. It dropped to $70 upon the announcement of the Enron settlement. However, it had recovered to over $80 at the end of the year.
- CIBC participates in a number of local events across Canada and globally. One of their better known promotional programs is the CIBC Run for the Cure which raises money for breast cancer research with the Canadian Breast Cancer Foundation. The 15th Annual Canadian Breast Cancer Foundation CIBC Run for the Cure on October 1, 2006 raised $23.4 million nationwide.
- on December 23, 2006, CIBC acquired majority control of their publicly held Caribbean joint venture the FirstCaribbean International Bank. CIBC purchased, for just over US$1billion (Bds$2 billion), Barclays Bank 's 43.7% stake. Now Canadian-owned banks, the Bank of Nova Scotia, the FirstCaribbean International Bank, and the Royal Bank of Canada, account for the top three commercial banks in many countries in the anglophone Caribbean.
- The stock ticker symbol on the New York Stock Exchange was changed in 2006 from BCM to CM . This is consistent with the ticker symbol on the Toronto Stock Exchange.
- CIBC sold their corporate and purchasing credit card business to US Bank Canada in October 2006. The buyer has previously acquired business charge cards from RBC.
- On May 29, 2008, CIBC announced their Q2 operational results for the 2008 fiscal year: A net loss of $1.11 billion CAD compared to a net gain of $807 million CAD for the previous period a year prior.
- 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.
History
The oldest component of CIBC's many ancestor banks is the Halifax Banking Company founded in 1825 by Enos Collins.
In 1867 the Canadian Bank of Commerce opened in Toronto with a charter in 1866 that it purchased from the defunct Bank of Canada, which folded in 1858. Imperial Bank of Canada opened a few years later in 1875, also in Toronto. Imperial Bank a foreign exchange office in New York in 1875 Canadian Bank of Commerce opened a branch in London in 1901.
In 1961 the two banks merged to form the Canadian Imperial Bank of Commerce and in 1962, opened a major new banking centre in Montreal with the construction of the CIBC building.
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..
Besides its Canadian operations, CIBC has operations globally. CIBC opened a branch in Asia (Hong Kong) in 1970. CIBC National Bank was established in the U.S. in 1999.
Along with Loblaws, CIBC helps operate President's Choice Financial, started in 1996.
Mergers
Canadian Bank of Commerce
Halifax Banking Company - 1903 Established in 1825 by Enos Collins with Hon. Henry H Cogswell as President from 1825-1834:
- Robie Uniacke - President 1882-1903
- Horatio Newelham Wallace - Cashier 1892-1903
Gore Bank Formed in 1836 and merged with the Commerce in 1870:
- Colonel James W Wythe - President 1836-1839
- Colin C Ferrie - President 1839-1856
- Andrew Steven - President 1856-1861; Cashier 1836-1856
- Thomas Clark Street - President 1862-1868; later Bank of Commerce Director
Eastern Townships Bank Formed in 1859 and merged with the Commerce in 1912:
- Colonel Benjamin Pomroy - President 1859-1874
- Richard W Heneker - President 1874-1902
- William Farnell - President 1902-1912
- James MacKinnon - Cashier 1902-1912
Bank of British Columbia Established with a Royal Charter in 1862 and merged with the Commerce in 1901:
- Thomas W.L. Mackean - Chairman 1862-1876
- Sir Robert Gillespie - Chairman 1876-1901
- Eden Colville - Director 1876-1893
- James Anderson - 1862-1897, Manager 1862, General Manager 1867-1875, Director 1876-1890
Merchants Bank of Prince Edward Island Formed 1856 and merged with the Commerce in 1906:
- W.A. Weekes 1864-1865
- Robert Longsworth 1871-1882
- Right Hon. Sir Louis Davies 1887-1897
- Benjamin Heartz 1897-1904
- W.A. Weekes 1904-1906
Bank of Hamilton merged with the Commerce in 1924.
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