CIBC Sees US Commercial Banking, Wealth Driving Gains Until 2025 [Financial Post (Toronto, Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Financial Post
(Bloomberg) — Canadian Imperial Bank of Commerce expects its US commercial-banking and wealth-management business to provide the fastest sales growth over the next three years. The unit will increase revenue at a 10% to 13% compound annual growth rate through 2025, according to an investor-day presentation Thursday. That’s the highest growth rate of any of the four units for which Canada’s fifth-largest lender released projections. Chief Executive Officer Victor Dodig has expanded CIBC’s US operations since taking the reins in 2014, most notably through the roughly $5 billion acquisition of commercial bank and wealth manager PrivateBancorp Inc., completed in 2017. CIBC is counting on a growing US presence to drive growth in other businesses as well, including in its capital-markets unit. “It’s all a client-driven strategy,” Dodig said in response to analysts’ questions Thursday. “We have Canadian clients that bank north-south. We also see an ability to take some of our core capabil
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- 2/29/24 - Beat
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Sec Filings
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- 4/19/24 - Form 424B2
- CM's page on the SEC website