News Job Cuts
CIBC cutting undisclosed number of jobs, CEO reveals in memo

CIBC is cutting an undisclosed number of positions as the bank continues to cut costs and improve its efficiency.

In a memo to staff, chief executive Victor Dodig says that while it has made “good progress” in transforming the bank, it needs to keep a “careful eye on costs.”

The Toronto bank’s efficiency ratio was 55.5 per cent at year-end, improved from 60.4 per cent in 2015.

However, Dodig says the bank needs to lower this ratio further to make it a strong competitor and good long-term investment.

He says it is continuing to identify “opportunities to simplify our bank and work differently,” including streamlining decision-making.

Dodig says some employees will therefore be leaving the bank in the coming months.

A bank spokesman declined to provide additional comment, including the potential number of employees affected.