Canadian Imperial Bank of Commerce

Financial Terms Canada -> Canadian Imperial Bank of Commerce

CIBC is the 4th biggest Canadian bank, headquartered in Toronto. The acronym CIBC stands for Canadian Imperial Bank of Commerce. CIBC is a result of a merger between Canadian Bank of Commerce and Imperial Bank of Canada – two Canadian banks whose history goes back to 19th century. The two banks merged in 1965. CIBC is headquartered in Toronto. The Canadian Imperial Bank of Commerce employees over 40,000 people worldwide.

CIBC was involved in the Enron scandal, and was fined by SEC in 2003. In the summer of 2005 CIBC paid close to $2.5 billion USD to settle a class action lawsuit brought by a investment and pension funds in relation to the CIBC role in the Enron collapse.

CIBC was the Canadian bank, which was most heavily hit by the subprime mortgage crisis. At the end of 2007 CIBC stated that it expects a first quarter write-down of around 2 billion USD, due to exposure to the U.S. subprime mortgage loans.

CIBC trades on both TSX and NYSE and serves millions of individual, small businesses, corporate clients and institutional investors in Canada and around the world. CIBC uses the CIBC Retail Markets and CIBC World Markets business lines, to provide provides a variety of banking services to its clients.