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{{Infobox_Company | company_name = CIBC| company_logo = ] | company_type = [Public company | foundation = Toronto , [ | location = [Toronto | key_people = [Gerald T. McCaughey - President & CEO | industry = [Bank | products = Financial services | revenue = $11.3 billion Canadian dollar ([) | num_employees = 37,000 | homepage = http://www.cibc.com/ -->

The Canadian Imperial Bank of Commerce , better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). With its headquarters in Toronto, Ontario, it also operates in the United States, the Caribbean, Asia and the United Kingdom. CIBC provides a full range of products and services to more than 11 million clients. It is currently Banking_in_Canada#The_.22Big_Five.22_Banks and has a worldwide workforce of 37,000 employees.

Current operations Company divisions CIBC has two main operational divisions:



Within the divisions are functional divisions:



Operational facts

Memberships CIBC is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:



Current events .

















History In 1867 the Canadian Bank of Commerce opened in Toronto with a charter in 1866 (purchased from the defunct Bank of Canada, which folded in 1858. Imperial Bank of Canada opened a few years later in 1875, also in Toronto. In 1961 the two banks merged to form the Canadian Imperial Bank of Commerce and in 1962, opened a major new banking centre in Montreal, Quebec with the construction of the CIBC building.

CIBC was the first Canadian bank to introduce ATM , with the Automated Cash Dispenser in 1969. In 1988 CIBC moved into the investment market by purchasing Wood Gundy Inc. In 1997 it moved to do the same in the United States by purchasing Oppenheimer & Co., Incorporated.

Besides its Canadian operations, CIBC has operations globally. CIBC National Bank was established in the U.S. in 1999, but opened a foreign exchange office in New York in 1875 (Canadian Bank of Commerce), London in 1901 and in Asia (Hong Kong) in 1970.

Along with Loblaws, CIBC helps operate President's Choice Financial started in 1996.

CIBC is currently one of Canada's chartered banks, also referred to as the Big Six banks.

CIBC and the Great Wars During World War I and II, staff from the Canadian Bank of Commerce enlisted in the war effort:

Staff enlistment for:

A War Memorial at Commerce Court in Toronto, Ontario commemorates their sacrifice.

Mergers Canadian Bank of Commerce Halifax Banking Company - 1903Established in 1825 by Enos Collins with Hon. Henry H Cogswell as President from 1825-1834:



Gore BankFormed in 1836 and merged with the Commerce in 1870:



Eastern Townships BankFormed in 1859 and merged with the Commerce in 1912:



Bank of British ColumbiaEstablished with a Royal Charter in 1862 and merged with the Commerce in 1901:



Merchants Bank of Prince Edward IslandFormed 1856 and merged with the Commerce in 1906:



Bank of Hamilton

Bank of Hamilton merged with the Commerce in 1924.

The Standard Bank of Canada (changed to St Lawrence Bank 1872-1876) in 1876.Merged with the Commerce in 1928.

Imperial Bank of Canada

CIBC 1961





CIBC-TD Bank There was an attempt by CIBC to merge with the Toronto-Dominion Bank in the late 1990s. However, the Government of Canada at the lead of then Finance Minister Paul Martin blocked the merger from occurring.

Joint Ventures













Sell Off/Restructuring/Outsourcing













Scandals 2003 Enron Scandal On December 22, 2003, the Security and Exchange Commission (SEC) fined CIBC US$ 80 million for its role in the manipulation of Enron financial statements. This consists of $37.5 million to repay ill-gotten gains, a $37.5 million penalty and $5 million in interest. The money is intended to be returned to Enron fraud victims pursuant to the Fair Fund provisions of Section 308(a) of the Sarbanes-Oxley Act of 2002.

The SEC also sued three of CIBC's executives. CIBC Executive Vice President Daniel Ferguson and former CIBC Executive Director Mark Wolf agreed to settle for US$ 563,000 and US$ 60,000, respectively. Ian Schottlaender, former managing director in CIBC's corporate leveraged finance group in New York initially contested the charges but on July 12, 2004 he agreed to pay US$ 528,750 as well as be barred from serving as an officer or director of a publicly traded company for a period of five years. Under these agreements the individuals neither admit nor deny wrongdoing.

The SEC complaint charges that "CIBC and the three executives with having helped Enron to mislead its investors through a series of complex structured finance transactions over a period of several years preceding Enron's bankruptcy." The agreement reached between the SEC and CIBC permanently enjoins CIBC from violating the antifraud, books and records, and internal control provisions of the federal securities laws.

On August 2, 2005 CIBC paid US$ 2.4 billion to settle a class action lawsuit brought by a group of pension funds and investment managers, including the University of California, which claims that "systematic fraud by Enron and its officers led to the loss of billions and the collapse of the company."

2003 Market Timing Scandal On July 25, 2005 CIBC confirmed it would pay US$ 125 million to settle an investigation into it's role in the 2003 Mutual-fund scandal. Linda Chatman Thomsen, director of the SEC's division of enforcement, said, "by knowingly financing customers' late trading and market timing, as well as providing financing in amounts far greater than the law allows, CIHI and World Markets boosted their customers' trading profits at the expense of long-term mutual fund shareholders." Under the settlement, CIBC neither admits nor denies the allegations.

Corporate governance Bank Executives

Current members of the board of directors of the company are:

Past Presidents/CEO/Chairman Canadian Bank of Commerce

Presidents

Vice-Presidents



Imperial Bank of Canada

Presidents

Chairmen

Canadian Imperial Bank of Commerce

Presidents

Chairs

CEOs



Who's Who A list of famous and not so famous staff from the past:



References

Unionization Currently only VISA centre staff and select branches are unionized. The Sudbury branch staff are part of the powerful United Steelworkers union.

Significant buildings occupied by CIBC

External links

{{Infobox_Company | company_name = CIBC| company_logo = ] | company_type = [Public company | foundation = Toronto , [ | location = [Toronto | key_people = [Gerald T. McCaughey - President & CEO | industry = [Bank | products = Financial services | revenue = $11.3 billion Canadian dollar ([) | num_employees = 37,000 | homepage = http://www.cibc.com/ -->

The Canadian Imperial Bank of Commerce , better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). With its headquarters in Toronto, Ontario, it also operates in the United States, the Caribbean, Asia and the United Kingdom. CIBC provides a full range of products and services to more than 11 million clients. It is currently Banking_in_Canada#The_.22Big_Five.22_Banks and has a worldwide workforce of 37,000 employees.

Current operations Company divisions CIBC has two main operational divisions:



Within the divisions are functional divisions:



Operational facts

Memberships CIBC is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:



Current events .

















History In 1867 the Canadian Bank of Commerce opened in Toronto with a charter in 1866 (purchased from the defunct Bank of Canada, which folded in 1858. Imperial Bank of Canada opened a few years later in 1875, also in Toronto. In 1961 the two banks merged to form the Canadian Imperial Bank of Commerce and in 1962, opened a major new banking centre in Montreal, Quebec with the construction of the CIBC building.

CIBC was the first Canadian bank to introduce ATM , with the Automated Cash Dispenser in 1969. In 1988 CIBC moved into the investment market by purchasing Wood Gundy Inc. In 1997 it moved to do the same in the United States by purchasing Oppenheimer & Co., Incorporated.

Besides its Canadian operations, CIBC has operations globally. CIBC National Bank was established in the U.S. in 1999, but opened a foreign exchange office in New York in 1875 (Canadian Bank of Commerce), London in 1901 and in Asia (Hong Kong) in 1970.

Along with Loblaws, CIBC helps operate President's Choice Financial started in 1996.

CIBC is currently one of Canada's chartered banks, also referred to as the Big Six banks.

CIBC and the Great Wars During World War I and II, staff from the Canadian Bank of Commerce enlisted in the war effort:

Staff enlistment for:

A War Memorial at Commerce Court in Toronto, Ontario commemorates their sacrifice.

Mergers Canadian Bank of Commerce Halifax Banking Company - 1903Established in 1825 by Enos Collins with Hon. Henry H Cogswell as President from 1825-1834:



Gore BankFormed in 1836 and merged with the Commerce in 1870:



Eastern Townships BankFormed in 1859 and merged with the Commerce in 1912:



Bank of British ColumbiaEstablished with a Royal Charter in 1862 and merged with the Commerce in 1901:



Merchants Bank of Prince Edward IslandFormed 1856 and merged with the Commerce in 1906:



Bank of Hamilton

Bank of Hamilton merged with the Commerce in 1924.

The Standard Bank of Canada (changed to St Lawrence Bank 1872-1876) in 1876.Merged with the Commerce in 1928.

Imperial Bank of Canada

CIBC 1961





CIBC-TD Bank There was an attempt by CIBC to merge with the Toronto-Dominion Bank in the late 1990s. However, the Government of Canada at the lead of then Finance Minister Paul Martin blocked the merger from occurring.

Joint Ventures













Sell Off/Restructuring/Outsourcing













Scandals 2003 Enron Scandal On December 22, 2003, the Security and Exchange Commission (SEC) fined CIBC US$ 80 million for its role in the manipulation of Enron financial statements. This consists of $37.5 million to repay ill-gotten gains, a $37.5 million penalty and $5 million in interest. The money is intended to be returned to Enron fraud victims pursuant to the Fair Fund provisions of Section 308(a) of the Sarbanes-Oxley Act of 2002.

The SEC also sued three of CIBC's executives. CIBC Executive Vice President Daniel Ferguson and former CIBC Executive Director Mark Wolf agreed to settle for US$ 563,000 and US$ 60,000, respectively. Ian Schottlaender, former managing director in CIBC's corporate leveraged finance group in New York initially contested the charges but on July 12, 2004 he agreed to pay US$ 528,750 as well as be barred from serving as an officer or director of a publicly traded company for a period of five years. Under these agreements the individuals neither admit nor deny wrongdoing.

The SEC complaint charges that "CIBC and the three executives with having helped Enron to mislead its investors through a series of complex structured finance transactions over a period of several years preceding Enron's bankruptcy." The agreement reached between the SEC and CIBC permanently enjoins CIBC from violating the antifraud, books and records, and internal control provisions of the federal securities laws.

On August 2, 2005 CIBC paid US$ 2.4 billion to settle a class action lawsuit brought by a group of pension funds and investment managers, including the University of California, which claims that "systematic fraud by Enron and its officers led to the loss of billions and the collapse of the company."

2003 Market Timing Scandal On July 25, 2005 CIBC confirmed it would pay US$ 125 million to settle an investigation into it's role in the 2003 Mutual-fund scandal. Linda Chatman Thomsen, director of the SEC's division of enforcement, said, "by knowingly financing customers' late trading and market timing, as well as providing financing in amounts far greater than the law allows, CIHI and World Markets boosted their customers' trading profits at the expense of long-term mutual fund shareholders." Under the settlement, CIBC neither admits nor denies the allegations.

Corporate governance Bank Executives

Current members of the board of directors of the company are:

Past Presidents/CEO/Chairman Canadian Bank of Commerce

Presidents

Vice-Presidents



Imperial Bank of Canada

Presidents

Chairmen

Canadian Imperial Bank of Commerce

Presidents

Chairs

CEOs



Who's Who A list of famous and not so famous staff from the past:



References

Unionization Currently only VISA centre staff and select branches are unionized. The Sudbury branch staff are part of the powerful United Steelworkers union.

Significant buildings occupied by CIBC

External links



 

Canadian Imperial Bank Of Commerce



 
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