CIBC World Markets is adding three more new bodies to its capital markets trading team, with two in Hong Kong as the bank continues to put the world back in World Markets.
The securities arm of Canadian Imperial Bank of Commerce cut back so far on foreign offices in the wake of the financial crisis and the bank's stumbles then that there were those who said that the name World Markets was a misnomer.
But that's been changing, especially on the fixed income and currency trading side, which has been revamped under the leadership of Harry Culham, who joined in early 2008 from Merrill Lynch, where he was global co-head of currencies.
In recent months there's been a steady stream of hires to CIBC's desks in financial centres like London, New York and now Hong Kong amid growing demand for Canadian dollar assets from foreign accounts.
In Hong Kong, the firm hired Andy Yeoh from VTB Bank's Singapore office to focus on interest rate swaps and foreign exchange futures. CIBC also added Woo Sok Lee, formerly of Merrill Lynch in Seoul, to focus on strengthening ties to Korea's banks.
The bank is also hiring on the home front, adding Mark Downing from Citigroup Inc. as a managing director on the interest rate derivatives trading team. He will oversee U.S. dollar and Canadian-dollar swap and option trading.