Home Breadcrumb caret Industry News Breadcrumb caret Industry CIBC to cut undisclosed number of positions CEO Victor Dodig said in a memo to staff that the bank needs to keep a “careful eye on costs” By The Canadian Press | January 31, 2020 | Last updated on January 31, 2020 1 min read CIBC is cutting an undisclosed number of positions as the bank continues to cut costs and improve its efficiency. In a memo to staff, chief executive Victor Dodig says that while it has made “good progress” in transforming the bank, it needs to keep a “careful eye on costs.” The Toronto bank’s efficiency ratio was 55.5% at year-end, improved from 60.4% in 2015. However, Dodig says the bank needs to lower this ratio further to make it a strong competitor and good long-term investment. He says it is continuing to identify “opportunities to simplify our bank and work differently,” including streamlining decision-making. Dodig says some employees will therefore be leaving the bank in the coming months. A bank spokesman declined to provide additional comment, including the potential number of employees affected. The Canadian Press The Canadian Press is a national news agency headquartered in Toronto and founded in 1917. Save Stroke 1 Print Group 8 Share LI logo