CIBC shake-up affects Imperial advisors

(April 12, 2005) CIBC’s Imperial Service group — home to more than 1,200 advisors — will be shifted to the bank’s Retail Markets division as part of an organizational restructuring announced late Monday.

The Imperial Group was under the Wealth Management umbrella, but is moving to retail, along with CIBC’s Private Wealth Management group and its GIC product line.

“CIBC’s separation of the Imperial Service and the Private Banking management structures helped us to create the country’s leading banking and advisory capability for affluent Canadians,” said CIBC CEO Gerry McCaughey. “Having firmly established these capabilities, the integration of these parts of Wealth Management with Retail Markets will deliver product benefits for our clients, as well as improved efficiency, accountability and productivity.”

Insiders say the shuffle is an effort to increase investment revenue at the bank by adding new advisors in under-serviced regions.

An Imperial Service advisor, who asked to remain anonymous, said he hoped there would be no changes to management at the local level, since CIBC has spent a considerable amount of time and money getting the right team in place to supervise IDA-licensed advisors.

On the positive side, the advisor said the restructuring might help to re-establish a referral network from the retail side that has dried up, as each division protected its revenue stream.

Sonia Baxendale is moving from the Wealth Management side to lead the Retail Markets division. She replaces Jill Denham, who is leaving the bank to pursue other interests following a 22-year career at CIBC.

CIBC’s Wealth Management division will now be comprised of CIBC Wood Gundy’s Private Client and Online Brokerage divisions, as well as TAL Global Asset Management and CIBC’s Asset Management businesses.

CIBC has appointed Victor Dodig, former CEO at UBS Global Asset Management, to head the Wealth Management division.

(04/12/05)

Staff

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