Canadian Imperial Bank of Commerce
For over a century, Canadian Imperial Bank of Commerce
, has remained the cornerstone of Canadian banking industry
. Since opening its first branch in Regina
, the company has build an empire of nearly 40,000 employees, working in Canada
, United States, Caribbean, Asia and the United Kingdom. As of 2009, its total assets amounted to over $335 billion Canadian dollars
, making it 159 on global list of Forbes 2000 companies. The bank has more than eleven million customers who are served by nearly 1,150 branches.
Basically, the bank is divided into Retail Markets and Wholesale Banking
units. Besides, there are also five functional groups including administration, corporate development, finance
, risk management and security.
Together with its subsidiaries, the bank provides a range of personal, business, commercial and institutional loans
. Its business operations are diverse and include credit cards
, mortgages, lending and wealth management services. Due to CIBC
wide financial reach, it is also actively involved in capital markets, generating substantial portions of profits from derivatives, currencies and cash equities. Commitment to raising the living standards of all Canadians is signified by generous offering of retirement
, disability and tax
free funds. Among its major competitors are The Bank of Nova Scotia
, Royal Bank of Canada
and Toronto Dominion Bank
Quarterly revenue growth has exceeded 55% which is twice its competitors. Moreover, CIBC earning per share is close to $4, which is more than five times industry standards. The company is listed in NYSE
and Toronto Stock Exchange
. At Wall Street, CIBC stock has posted a gain of more than 250%, since March 2009.
, as it is known, supports charities, actively. In 2009, almost $27 million were devoted to a number of local and international charities. The philanthropy of this organization is a part of long standing tradition. Interestingly, its largest foreign investor, a Hong Kong businessman sold its share in the company to open his own charity
. Also, CIBC Run for Cure is among the most celebrated events in the country. It helps victims of breast cancer. One of these events helped raise more than $23 million, in 2006. Recently, its executive board announced exclusive partnership with Radio Canada to broadcast live coverage of FIFA World Cup.
The bank is known to introduce innovative products. A landmark was achieved in April 2010, when more than one million client logins were registered for its Mobile Banking Application for iPhone, in less than one and half months. In fact, CIBC was chosen among the best employer
. The winners are selected by the editors of ‘Canada’s top 100 Employers’. It was also a recipient of Global Six Sigma business improvement awards, which is an indication of its commitment to ongoing development.