In the wake of CIBC World Markets head Richard Nesbitt taking on new duties at the parent bank, the bank has named two new group co-heads at the securities firm.
Geoff Belsher, who runs investment banking for CIBC, and Harry Culham, who runs trading operations, are the new group co-heads. They will be responsible for day to day operations in wholesale banking and they will report to Mr. Nesbitt.
There are more big moves at the firm. Rik Parkhill, who has built the company's equities business into by far the leader in market share for Canadian dealers, is moving to become chief executive officer of CIBC's FirstCaribbean bank.
Laura Dottori, the head of corporate banking, also gets a bigger role. She will now be responsible for oversight of all credit activities in the wholesale banking business.
The moves come after Mr. Nesbitt was given expanded responsibility at Canadian Imperial Bank of Commerce CM-T for strategy. That's going to be a busy job as CIBC must define what it's going to be as it returns to growth after spending the last few years in fortress mode, so the new structure will free him up to spend more time on that issue.
"These appointments position us well to continue our focus on delivering consistent, sustainable results in our core client-focused businesses while pursuing further opportunities for risk-controlled growth over the next three years," Mr. Nesbitt said in a statement.
In CIBC's announcement, the firm said:
- Mr. Belsher will maintain management of CIBC's global investment banking business and assume reporting responsibility for regional offices in New York, London and Hong Kong.
- Mr. Culham will assume global responsibility for all Wholesale Banking capital markets businesses, including fixed income, currencies and distribution; cash equities; global derivatives and strategic risk; and management of our chief investment officer activities.
The man Mr. Parkhill is replacing as CEO of FirstCaribbean, John Orr, will be returning to Toronto to help with the strategy development. His new title is executive vice-president, strategy and corporate development.
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