Posted AT 10:43 AM EST on 27/08/08
CIBC takes $885-million hit
Canadian Imperial Bank of Commerce's third-quarter profit fell short of analysts' expectations, with the bank earning only $71-million after taking an $885-million hit relating to risky securities.
That writedown was actually lower than most analysts expected. The soft earnings resulted from weakness in both investment banking and consumer banking, including high provisions for losses in the bank's credit card business.
The full text of this article has 761 words.
To continue reading this article, you will need to purchase this article.
Already have a member account? Login now
Pay-Per-View Offers To read the complete article, select one of the following options
Purchasing from globeandmail.com is quick and secure.
| Market | Change | Value |
|---|---|---|
| Data delayed 15 minutes | ||
| S&P/TSX | -615.84 | 8,654.78 |
| DJIA | -380.24 | 8,448.80 |
| S&P 500 | -44.51 | 851.73 |
| Nasdaq | -75.02 | 1,460.55 |
| Stock Profile | Sponsored by: |
|---|---|
 |
The new expection: Worse than expected
Plus: At the open -- Memories of Friday
-
Video:
Investors get grumpy again
|
Technology 
- Finding the perfect gadget
- Need a present for mom, dad, son, daughter, friend, colleague?
MOST POPULAR
Most Popular
| Rank | Headline |
|---|---|
| 1. | Toronto stocks slide more than 6 per cent 10:27 AM
|
| 2. | Loonie shakes political jitters, levels on GDP 10:02 AM
|
| 3. | Ford puts Volvo up for sale 10:01 AM
|
| 4. | Canadian economy expands 1.3% 10:21 AM
|
| 5. | What's ahead for BCE? 8:23 AM
|
| 6. | Air Canada to get $70-million from Aeroplan 10:37 AM
|
| 7. | Fairfax to take Northbridge private 8:16 AM
|
| 8. | Pensions shore up equity balance 4:21 AM
|
| 9. | Look Communications looking for ‘orderly sale' of its assets 8:36 AM
|
| 10. | When the nest egg shatters, keep at it 4:22 AM
|
10Oxford Analytica
- Arab economies to grow despite setbacks
- Prospects are dented, but positive
Business Incubator
- Collaring Christmas shoppers' cash
- High-end Halifax pet boutique needs to entice recession-wary consumers to spend
ROB Magazine
- Vintage Ted
- The frail cable baron talks about "moving toward stopping"
The Law Page
- Turning to the Supremes
- Canada's top court asked to hear a case that has implications for the 50-year-old New York Convention
JUDITH MAXWELLWith the right skills, a community can lead its own recovery
ERIC REGULYOil's unlikely alliances likely unnecessary