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(Fred Lum/The Globe and Mail)

CIBC strengthens New York trading team

Canadian Imperial Bank of Commerce is building up its team in New York, adding a new head of U.S. institutional equity trading.

In his role as managing director with CIBC, Owen Lynch will manage the U.S. equity markets trading team, according to an internal memo.

CIBC is hiring Mr. Lynch against a backdrop of improved market conditions in the U.S. The S&P 500, for example, is up 20 per cent in the past year. The warmer investment climate prompted the bank to deepen it’s commitment to its agency business in New York.