(Bloomberg) — Canadian Imperial Bank of Commerce shuffled its top management ranks, cut jobs and took a restructuring charge as Chief Executive Officer Victor Dodig works to control costs.Canada’s fifth-largest lender by assets recorded a C$339 million ($255 million) charge in its fiscal first quarter to cover severance from staff reductions, as the pace of expense growth accelerated for a sixth straight quarter. CIBC also named new managers including the head of its largest division, Canadian personal and business banking, where the main product line — mortgages — lagged behind rivals in the past year.The moves are part of Dodig’s …read more
Source:: Yahoo Finance
