CIBC Axing Jobs To Cut Costs, Boost Efficiency: CEO Memo

TORONTO — 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.

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This report by The Canadian Press was first published Jan. 30, 2020.