CIBC Wood Gundy is the Canadian full-service retail

brokerage A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confu ...

division of CIBC World Markets Inc., a

subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...

of the

Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce (CIBC; french: Banque canadienne impériale de commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario. ...

(CIBC). Through its network of over 1,000 investment advisors working in 80 locations across Canada, CIBC Wood Gundy offers an array of investment and insurance products and services. CIBC Wood Gundy was created in 1988 with the purchase of

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 ...

by CIBC. From 1988 through 1997, CIBC Wood Gundy was the universal name of CIBC's

investment banking Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated wit ...

operations. However, after the acquisition by CIBC of the investment banking operations of U.S.-based Oppenheimer & Co. in 1997, the combined investment banking business was renamed

CIBC Oppenheimer CIBC Capital Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm operates as an investment bank both in Canadian and global equity and debt capital markets. The firm provides a variety of financial ...

and later

CIBC World Markets CIBC World Markets Inc. is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm operates as an investment bank both in the domestic and international equity and debt capital markets. The firm provides a variety ...

. Since 1997, the name CIBC Wood Gundy has been used as the brand for CIBC's retail brokerage business.

History

Wood, Gundy & Company was established in

Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...

Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...

in 1905 by George Herbert Wood and

James Henry Gundy James Henry Gundy (March 22, 1880 - November 10, 1951) was a Canadian businessman who co-founded Wood Gundy and Company, stockbrokerage in Toronto, Ontario in 1905. He was born in Harriston, Ontario and at age eighteen moved to Toronto, where h ...

. The firm first specialized in the distribution and underwriting of government and municipal bonds. CIBC purchased a majority stake in Wood, Gundy & Co. in June 1988 for C$203 million.Canadian Imperial Bank of Commerce Profile
/ref> At the time of its acquisition, Wood Gundy was the leading Canadian investment dealer. Following the acquisition, CIBC formed CIBC Wood Gundy, which offered primarily

asset management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

services for corporate and institutional clients. Two years later, in 1990, they continued to expand the Canadian securities business by acquiring much of Merrill Lynch & Company's Canadian business. In 1997, CIBC Wood Gundy acquired the U.S. brokerage house Oppenheimer & Co. After the acquisition the U.S. division took the name CIBC Oppenheimer, eliminating the use of the Wood Gundy brand through much of the bank. The brand was retained for CIBC's retail

operations. In December 2001, CIBC acquired the Canadian retail brokerage business of

Merrill Lynch Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment bank ...

, Merrill Lynch Canada, for an estimated $409 million. The acquisition of Merrill Lynch Canada, which it subsequently merged with its CIBC Wood Gundy business, greatly increased CIBC's own brokerage network, adding more than 1,000 brokers across Canada.Canadian Imperial Bank Buys Merrill Unit
''New York Times'', December 31, 2001

References

External links

CIBC Wood GundyWood Gundy Online
{{DEFAULTSORT:Cibc Wood Gundy Canadian Imperial Bank of Commerce Stock brokerages and investment banks of Canada Former investment banks

History

See also

References

External links