CIBC Wealth Management is the
brokerage division of the
Canadian Imperial Bank of Commerce (CIBC). The CIBC prefers to use phrases like "wealth-building" and "wealth management" to describe its
investment
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort.
In finance, the purpose of investing i ...
services. Like most banks, their financial products include
stock
In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...
s,
bonds,
mutual fund
A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV i ...
s, managed
portfolios,
guaranteed investments, and
credit. And like most retail businesses, they give free advice to their customers on what to buy.
In 2003, this division managed $193 billion in client assets and made $205 million of profit.
Wealth Management was headed by Gerald T. McCaughey, Chairman and
Chief Executive Officer
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
, CIBC World Markets and Vice Chair for Wealth Management. On July 31, 2014,
CIBC announced the appointment of Victor Dodig as President and CEO which took effect on September 15, 2014.
This division was once called
Wood Gundy
Wood Gundy Inc. was a leading Canadian stock brokerage and investment banking firm. Founded in 1905, it was acquired by the Canadian Imperial Bank of Commerce in 1988 as it attempted to build an investment banking business. The Wood Gundy name ...
and was once the biggest performing unit for
CIBC.
References
CIBC annual report 2003
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Canadian Imperial Bank of Commerce