Canadian Imperial Bank of Commerce named two new co-heads of wholesale banking Thursday as part of an earlier management shakeup to reorganize the country's fifth-largest lender.
Geoff Belsher, managing director and global head of investment banking, and Harry Culham, managing director and global head of capital markets trading, have been named group co-heads of CIBC's wholesale bank.
Culham, who started his career at CIBC in foreign exchange, rejoined the bank in 2008 from Merrill Lynch in London, where he was co-head of the global currencies division. Belsher, a lawyer-turned-investment banker, joined CIBC in 2009 from Lehman Brothers Holdings Inc.
Culham assumes global responsibility for all wholesale banking capital-markets businesses, including fixed income, currencies and distribution, cash equities, global derivatives and strategic risk. He will also manage the chief investment officer activities.
Belsher maintains management of CIBC's global investment bank with oversight of regional offices in New York, London and Hong Kong.
Laura Dottori, managing director and global head of corporate credit products, takes on expanded responsibilities. She will now oversee corporate banking, real estate lending and trading credit and have oversight of all of the wholesale bank's credit activities, the bank said in a statement.
John Orr, who runs FirstCaribbean International Bank, becomes executive vice-president of strategy and corporate development at CIBC in Toronto. Rik Parkhill, currently the head of cash equities, replaces Orr at FirstCaribbean in the Barbados. He'll assume the job over the next few months, pending regulatory approvals, CIBC said.
The reorganization of the wholesale bank follows a shakeup in the executive suite in late March.
CIBC promoted Richard Nesbitt, the wholesale bank head, handing him a wide variety of responsibilities that included technology, operations and corporate development, corporate strategy, treasury oversight and its international banking operations, including FirstCaribbean.
Nesbitt is viewed as a potential candidate to succeed CIBC chief executive Gerald McCaughey.
Caroline Van Hasselt is a reporter for Dow Jones Newswires, where this story originally appeared. Write to her here.