Toronto-based Canadian Imperial Bank of Commerce, known as CIBC, is the fourth largest bank in Canada. The diversified bank provides a range of products and services to individual, small-business, corporate and institutional clients in Canada, the U.S. and overseas.
Long seen as an aggressive and entrepreneurial bank, CIBC has been recovering from a series of missteps in recent years. Chief executive Gerald McCaughey, who took the helm as a reformer, has been described in the media as an "insider's outsider."
In 2008, CIBC sold its money-losing U.S. investment banking, equities, leveraged finance and related debt capital markets businesses, part of CIBC World Markets, to Oppenheimer Holdings Inc. It held on to its real estate financing business in New York, a streamlined merchant banking operation, a lending operation and a small group of equity pros.