ING Direct, fresh off its purchase by Bank of Nova Scotia in November, informed mortgage brokers Wednesday it will no longer do business with them — a move that is rankling some people in the industry, who fear the consumer is losing a major advocate.
In a memo obtained by the Financial Post, ING Direct indicates to brokers that it had studied the two financial institutions’ products and found “considerable overlap.”
TORONTO – Victor Dodig says the strategy at Canadian Imperial Bank of Commerce won’t change when he takes over from departing chief executive Gerry McCaughey on Sept. 15.
And he has some facts to back up that assertion.
While there are often questions about whether an incoming bank CEO will put his or her stamp on the financial services firm based on experience, Mr. Dodig is quick to point out that three-quarters of the bank’s operations are already in wealth management and retail banking — where his experience lies.
Investor's Business Daily - A mortgage broker who secretly recorded 2 friends charged with trying to cover up an insider trading case pleaded guilty to involvement in the $32 mil scheme. Kenneth Robinson admitted to being a middleman funneling information about pending mergers between trader Garrett Bauer and lawyer Matthew Kluger, who allegedly stole the details from law firms where he worked. Kluger and Bauer have not yet entered pleas.
Gerry McCaughey, the man who led Canadian Imperial Imperial Bank of Commerce through the financial crisis, is stepping down, effective April 30, 2016.
Mr. McCaughey, who took on his role as chief executive in 2005, delivered the announcement at CIBC’s annual meeting in Montreal on Thursday.
“As I close in on a decade as CEO, I wanted to announce my retirement well in advance of my departure, thus giving CIBC’s board sufficient time to complete its normal succession process, which is now well underway,” said McCaughey.
TORONTO — CIBC says it had $852 million of net income in the fourth quarter, an increase of nearly $100 million from the same time last year.
The Toronto-based bank says the profit amounted to $2.02 per share of earnings, before adjustments.
On an adjusted basis, CIBC’s fourth-quarter profit amounted to $2.04 per share.