About Company
The Canadian Imperial Bank of Commerce (also known as CIBC; Banque canadienne impériale de commerce in the French language) is a Canada-based international financial and banking services conglomerate. The firm has its central office at CIBC Square in the Toronto Financial District, Ontario.
The Canadian Imperial Bank of Commerce came into existence via the amalgamation of the Imperial Bank of Canada (established in 1873) and the Canadian Bank of Commerce (established in 1867) in 1961. It was the biggest fusion between chartered banks in the chronicles of Canada. The bank is one of the two “Big Five” banking institutions based in Toronto, the Toronto-Dominion Bank being the other.
The Canadian Imperial Bank of Commerce has 4 tactical business divisions:
- Canadian Commercial Banking and Wealth Management
- Canadian Personal and Business Banking
- Capital Markets
- S. Commercial Banking and Wealth Management
The bank has overseas business activities in the Caribbean, the United States, the United Kingdom, and Asia. Worldwide, CIBC caters to over 11 million customers and has over 40,000 workers. The organization enjoys the #172 rank on the listing published by Forbes Global 2000.
CIBC’s bank number (or Institution Number) is 010, and CIBCCATT is its SWIFT (Society for Worldwide Interbank Financial Telecommunications) code.
What type of company is the Canadian Imperial Bank of Commerce?
CIBC is a publicly-traded company.
To which industry does CIBC belong?
CIBC belongs to the banking and financial services industry.
Which companies are the forerunners of CIBC?
The forerunners of the Canadian Imperial Bank of Commerce are the following:
- Imperial Bank of Canada
- Canadian Bank of Commerce
When did the bank come into existence?
The bank commenced operations on 1st June 1961. This was 62 years back.
Where is the head office of CIBC located?
CIBC has its central office in Toronto, Ontario, Canada.
Who are the key people running the Canada-based bank successfully?
The following people are playing a key role in running the bank profitably:
- Katharine Stevenson (Chairperson of the Board)
- Victor G. Dodig (Chief Executive Officer and President)
What are the brands under CIBC?
- Simplii Financial
- CIBC Bank USA
How many employees work for CIBC?
The company has a manpower of 45,282 (Full-time equivalent, 2021).
Does the bank have any subsidiaries?
The bank has the following subsidiaries:
- CIBC Investments (Cayman) Limited
- CIBC Bank USA
- CIBC Trust Corporation
- CIBC Cayman Holdings Limited
- CIBC Asset Management Inc.
- CIBC World Markets plc
CIBC Timeline
The biggest amalgamation of 2 Canadian chartered banks in the chronicles of the country took place on 1st June 1961. The Imperial Bank of Canada (set up in 1875) and The Canadian Bank of Commerce (set up in 1867) fused to create CIBC (the Canadian Imperial Bank of Commerce). The Canadian bank features an affluent background of assisting individuals, commercial enterprises, and societies in Canada and across the world to develop and flourish.
1867
The journey commences with the establishment of the Canadian Bank of Commerce.
1898
The bankers launched a bank in Dawson City for aiding the Klondike Gold Rush.
1905
Formation of pre-fab banks took place for customers inhabiting the border townships of the country.
1950
Established the first Mobile Banking Hub to expand the reach to its customers.
1955
The bank launched ground-breaking drive-thru banking for expediency.
1964
CIBC launched the exclusive floating bank in the country.
1967
This year, it became the first Canadian Bank to apply computers for updating the passbooks of customers.
1969
The bank launches the 1st round-the-clock automated teller machine in Canada.
1970
It became the 1st Flying Bank in Canada.
1992
CIBC became the first bank to provide Countrywide Telephone Banking.
1996
CIBC PC Banking provided safe, computerized banking for customers having a personal computer.
2010
CIBC Mobile Advisors begin the journey.
In the same year, it became the first bank in Canada to provide a mobile banking application for iPhone.
2011
It was the 1st bank to introduce a mobile brokerage application.
2012
The bank introduced a novel means to make payments with your smartphone with the CIBC Mobile Payment Application.
2013
CIBC became the first among the Big 5 banks to launch a mobile business application for commercial enterprise proprietors and eDeposit.
2014
The bank introduced the innovative 2-button technology. This year, CIBC also launched Tim Hortons® Double Double™ Visa* Card.
2015
The bank launched CIBC Foreign Cash Online and CIBC Global Money Transfer. It also became the first bank with the Mobile Banking Apple Watch Application.
2016
The bank introduced Digital Account opening, Apple Pay, and Digital Cart. It also launched Hello Home App for mortgage loan seekers. The same year, the bank launched Pre-paid Travel Cards.
2017
The Canadian banking and financial services provider launched a unique ski-across ATM at Whistler Blackcomb.
Who comprises the present executive team of the company?
The people named below comprise the present management team of the company:
- Victor Dodig – Chief executive officer and President
- Frank Guse – Chief Risk Officer, CIBC and Senior Executive Vice-President
- Shawn Beber – Group Head, U.S. Region, and Senior Executive Vice-President; CEO and President, CIBC Bank USA
- Jon Hountalas – Group Head, Canadian Banking and Senior Executive Vice-President
- Harry Culham – Group Head, Capital Markets and Senior Executive Vice President
- Kikelomo Lawal – Chief Legal Officer and Executive Vice President
- Christina Kramer – Group Head, Infrastructure, Technology, and Innovation and Senior Executive Vice-President
- Sandy Sharman – Group Head, Culture, People, and Brand and Senior Executive Vice-President
- Hratch Panossian – Senior Executive Vice President and Chief Financial Officer
Who forms the board of directors of CIBC?
The following individuals constitute the board of directors of the Canadian Imperial Bank of Commerce:
- Katharine B. Stevenson– Chair of the board (2011)
- Charles J. G. Brindamour– Chief Executive Officer, Intact Financial Corporation (2020)
- Ammar Aljoundi – Chief Executive Officer and President Agnico Eagle Mines Limited (2022)
- Michelle L. Collins– President, Cambium LLC (2017)
- Nanci E. Caldwell– Corporate Director (2015)
- Victor G. Dodig– Chief executive officer and president, CIBC (2014)
- Luc Desjardins– Chief executive officer and President, Superior Plus Corp. (2009)
- Christine E. Larsen– Corporate Director (2016)
- Kevin J. Kelly– Corporate Director (2013)
- Mary Lou Maher– Corporate Director (2021)
- William F. Morneau – Corporate Director (2022)
- Barry Zubrow– President, ITB LLC (2015)
- Martine Turcotte– Corporate director (2014)
Disputes
Given below are the disputes that rocked the boat of the bank:
- Due worker overtime
- Mismanagement of Enron financial reports
- 2003 Mutual fund scam
- Client privacy concerns
- A class-action lawsuit by VISA cardholders
- Allegations of bias
- Deliberate repayment of incorrect charges
CIBC stock performance
The common stocks of CIBC are traded on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) with the ticker symbol CM. Furthermore, the stock is a constituent of the S&P/TSX 60 index.
On June 22, 2023, Canadian Imperial Bank of Commerce (CM) ended trading at $55.84 with the data given below at 04:00 pm EDT (Eastern Daylight Time).
Stock chart
CIBC Financial Performance
In 2021, the organization’s financial performance stood as follows:
CIBC recently declared its financial results for the Q2 ended 30th April 2023.
2nd quarter highlights
The 2023 2nd quarter results had an impact from the particulars of note listed below combining to an optimistic consequence of $0.06 for each share:
- $27 million (post-tax $21 million) amortization of purchase-linked intangible assets.
- $114 million (post-tax $82 million) reduction in legal frameworks (business and other)
The CET1 ratio stood at 11.9% on 30th April 2023, as compared to 11.6% at the close of the previous quarter. CIBC’s liquidity coverage ratio and leverage ratio were 124% and 4.2% correspondingly on April 30, 2023.
CIBC proclaimed a hike in its common share dividend (quarterly) to $0.87 per share from $0.85 per share for the quarter closing on July 31, 2023.
Awards and recognitions
Over the years, the Canadian Imperial Bank of Commerce achieved the following honors and accolades:
- CIBC received recognition from The Digital Banker for two successive years
- CIBC’s management in consumer experience helped them attain two prizes from The Digital Banker
- MediaCorp Canada nominated it among Canada’s Greenest Employers in 2022
- Equileap honored CIBC with the #1 rank in the country for gender equality for the 2nd successive year
- The bank achieved Canada’s Best Diversity Employers award for the 12th successive year
- D. Power recognized CIBC Online Banking with the top rank for customer contentment in Canada
- It achieved Business Intelligence Group (BIG) Awards for three consecutive years
- Its name got incorporated in the Bloomberg Gender-Equality Index
- The bank attained the One of Canada’s Top Employers for Young People award for the 10th successive year
- The bank won the FundGrade A plus Awards
- CIBC achieves A- from the CDP, erstwhile name the Carbon Disclosure Project, for Activities on Global Warming
- The bank’s name got incorporated in Dow Jones Sustainability Index for the seventeenth successive year
- Achieved the top grade in Forrester Digital Experience Review in the category of Canada Mobile Banking Apps Ranking
- The bank became One of Canada’s Top 100 Employers for the 10th successive year
- 35 CIBC Wood Gundy advisors won the nomination of Canada’s Top Wealth Advisors
- Veni Iozzo, the Executive Vice President looking after the Enterprise Real Estate and Workplace Transformation unit, got her name included in the WXN Hall of Fame.
