CIBC signal outside of the bank's building at King and Bay St., Toronto.
It's one in and one out in the equity sales and trading department at Canadian Imperial Bank of Commerce .
Senior industrials analyst Michael Willemse has decided to try his hand on the buy side. Instead of researching stock ideas to CIBC's money manager clients, he'll be on the other side picking stocks at David Taylor's new firm.
Mr. Taylor is the top manager who left DundeeWealth's fund business after it was taken over by Bank of Nova Scotia. He set up a new firm called Taylor Asset Management, and Mr. Willemse will be the senior research analyst there.
Mr. Willemse spent a dozen years in the finance industry, with the last six years at CIBC where he covered the gritty companies that make things like steel, cars and planes.
Going the other way, CIBC brought in Darren Sumarah from Goldman Sachs Group Inc. to bolster the group that deals with hedge funds. At Goldman, he oversaw electronic trading for Canada. At CIBC, he'll be tasked with working with clients in Canada and the U.S.