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CIBC World Markets names new European head Add to ...

The head of CIBC World Markets' European operation is stepping down this summer after overseeing a downsizing in the division.

Peter Letley will retire from his post in London in August after nine years with the investment bank. He joined in 1999 as CFO for European operations and took the top job in 2004. CIBC World Markets has more than 300 employees in London, though the headcount is down by several dozen after the bank exited European leveraged lending in December.

In keeping with a culture that's preoccupied with risk management, after absorbing huge losses on U.S. credit exposure, CIBC World Markets appointed European and Asian head of legal and compliance departments Scott Wilson as the new boss in Europe. He's been at the dealer for a decade.

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