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Exteriors of the CIBC sign located on the sidewalk outside the bank's head offices at the corner of King St. West and Bay St. on Dec 29 2011.
Exteriors of the CIBC sign located on the sidewalk outside the bank's head offices at the corner of King St. West and Bay St. on Dec 29 2011.
(Fred Lum/Fred Lum/The Globe and Mail)

CIBC streamlines business, cuts executive suite

Canadian Imperial Bank of Commerce has let go a group of senior corporate development executives, as the bank looks to cut costs by combining its merchant banking and corporate development groups under one roof.

CIBC was the only large Canadian bank with a stand-alone group doing merchant banking, taking direct stakes in companies that CIBC saw as good investments. The group’s biggest win was likely its early stake in Global Crossing, a telecommunications company that sold for huge dollars during the technology bubble. However, since 2006, the current management at CIBC has scaled back the group’s activities.