Canadian Imperial Bank Of Commerce · TSX:CM
Canadian Imperial Bank Of Commerce — Investor Day (December 2017)
94 slides from Canadian Imperial Bank Of Commerce's investor day presentation, Dec 13, 2017
Slide 1: Building the Relationship-Oriented Franchise
Building the Relationship-Oriented Franchise December 13, 2017
Slide 2: Forward Looking Statements
1 Forward Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this report, in other filings with Canadian securities regulators or the SEC and in other communicat
Slide 3: Amy South
Amy South Senior Vice-President, Investor Relations
Slide 4: Agenda
7:45 − 8:30 Networking Breakfast CIBC Investor Day 3 Agenda 1 Opening Remarks CIBC’s progress since 2015 Investor Day Our path forward Victor G. Dodig, President & CEO 2 Financial Progress Kevin Glass, SEVP & CFO Q&A 3 Canadian Personal & Small Business Banking Christina Kramer, SEVP & Group Head Q&
Slide 5: Agenda
CIBC Investor Day 4 10:45 − 11:00 BREAK Agenda 5 U.S. Commercial Banking & Wealth Management Larry Richman, SEVP & Group Head, CIBC U.S. Region, and President & CEO, CIBC Bank USA Q&A Karen Case – President, Commercial Real Estate, CIBC Bank USA Bob Frentzel – President, Specialized Industries, Illi
Slide 6: Victor G. Dodig
Victor G. Dodig President & CEO
Slide 7: Earnings Growth
Earnings Growth / sd . Return on Equity <, _ Dividend Payout 4
Slide 8: CIBC Global Money Transfer
‘CIBC Global Money Transfer~ Send money globally with $0 transfer fee* CIBC recognized as Best Treasury and Cash Management Bankin Canada — for 2017 by Global Finance Magazine
Slide 9: simplii Financial
simplit FINANCIAL
Slide 10: Strong Client Culture
Strong Client Culture
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Slide 12: Building the relationship-oriented franchise...for a modern world
Building the relationship-oriented franchise...for a modern world Strong Client- Focused Culture Diversified Earnings Growth Optimized Operational Efficiency Disciplined Capital Deployment
Slide 13: Kevin Glass
Kevin Glass Senior Executive Vice-President and Chief Financial Officer
Slide 14: Strong Earnings Growth
13 Strong Earnings Growth CAGR 8% $11.11 $10.22 1 $9.45 EPS above mid-point of target 2015 2016 2017 1 Non-GAAP measure adjusted for items of note. For further information, see slide 79. Note: CAGR defined as Compound Annual Growth Rate.
Slide 15: Improving Efficiency
14 Improving Efficiency 60.4% 58.2% 56.5% On pace to hit 55% run-rate in F2019 Q4/15 Q4/16 Q4/17 Non-GAAP measure adjusted for items of note. For further information, see slide 79.
Slide 16: Delivering Strong Returns
15 Delivering Strong Returns Dividend Payout Ratio1 46.4% 46.6% 46.2% 45.4% 44.9% 43.8% Dividend payout above mid- point of range 2015 2016 2017 Return on Equity1 20% 19% 18% 16% 15% 16% Achieved ROE target 2015 2016 2017 2 1 Non-GAAP measure adjusted for items of note. For further information, see
Slide 17: Committed to Balance Sheet Strength
16 Committed to Balance Sheet Strength Basel III CET 1 Ratio (all-in basis) 11.3% 11.1% 10.8% 10.6% 10.3% 10.5% 2015 2016 2017 1 CM Peer Average 1 Peer Average includes: RBC, TD, BNS, BMO and NA.
Slide 18: Path Forward: Enhancing Our Financial Profile
17 Path Forward: Enhancing Our Financial Profile Optimized Disciplined Diversified Operating Capital Earnings Growth Efficiency Deployment
Slide 19: Strong, Sustainable Earnings Generation
18 Strong, Sustainable Earnings Generation 2015-2016 2017-2018 2019-2020 • Solid growth • Integration period • Accelerating growth Solid revenue growth Strong operating leverage
Slide 20: Improving Diversification
19 Improving Diversification Earnings Mix1 U.S. Region Canadian Personal & Canadian Commercial Capital Markets Small Business Banking Banking & Wealth (ex. U.S.) 51% 48% 45% 24% 24% 25% 17% 19% 19% 13% 9% 6% 2 2015 2017 2020F 1 Non-GAAP measure adjusted for items of note. For further information, se
Slide 21: U.S. Region Contribution Growing from 9% in 2017 to 17% in 2020
U.S. Region Contribution Growing from 20 9% in 2017 to 17% in 2020 Wealth Commercial Capital Markets Management Banking Q4/17 Q4/17 2017 Annualized Annualized Earnings1 Earnings1 Earnings1 ~C$30MM ~C$30MM ~C$400MM ~C$400MM ~C$180MM Larry Richman Harry Culham 1 Non-GAAP measure adjusted for items of
Slide 22: Path to a Lower Efficiency Ratio
21 Path to a Lower Efficiency Ratio Efficiency Ratio1 56.5% 55% • Solid revenue growth 52% • Improving operating efficiency • 52% efficiency ratio in 2022 Q4/17 Q4/19 Q4/22 1 Non-GAAP measure adjusted for items of note. For further information, see slide 79.
Slide 23: Strong Internal Capital Generation
22 Strong Internal Capital Generation CET1 Capital Trajectory, 2017-2020F (%) Capital Deployment • Capital Allocation Approach 2.0-2.5 11.5-12.5 — Invest in organic growth 10.6 3.5-4.0 Strong — Dividends to grow in-line with earnings buffer to target — Eliminate discount on DRIP in 2018 capital • De
Slide 24: Well-Positioned for the Future
23 Well-Positioned for the Future • Diversify revenue streams • Expand U.S. platform • Disciplined cost growth and investment • Strong capital generation to invest in the business Earnings Efficiency Return on Dividend Payout Growth1 Ratio1 Equity1 Ratio1 5% - 10% 52% 15%+ 40% - 50% CAGR run-rate in
Slide 25: Financial Progress Q&A
Q&A Financial Progress 24 .
Slide 26: Canadian Personal & Small Business Banking
Canadian Personal & Small Business Banking Christina Kramer Senior Executive Vice-President and Group Head
Slide 27: At-a-Glance
Canadian Personal & Small Business Banking 26 At-a-Glance Contribution to CIBC’s Earnings1 Strategic Highlights • Growing franchise of over 8 million clients • Increasingly modern banking centre network, growing mobile advisor presence 48% $4.7B F2017 • Industry leading and growing digital capabilit
Slide 28: Delivering Strong Performance
27 Delivering Strong Performance Revenue1 (C$MM) Earnings1 (C$MM) 7,748 8,076 2,250 7,334 2,134 1,998 2015 2016 2017 2015 2016 2017 PCL Rate1 Efficiency Ratio1 0.34% 54.1% 0.33% 53.0% 52.6% 0.32% 2015 2016 2017 2015 2016 2017 1 Non-GAAP measure adjusted for items of note. For further information, se
Slide 29: Strong, Balanced Volume Growth
28 Strong, Balanced Volume Growth Money-in (C$B) Money-out (C$B) Current Market Share Rank: 4th Current Market Share Rank: 4th F16-F17 Growth Rank: #2 F16-F17 Growth Rank: #1 253 239 230 225 207 211 2015 2016 2017 2015 2016 2017 Source: OSFI and IFIC. Money-In includes Individual Deposits & GICs and
Slide 30: Trends Shaping Our Business
29 Trends Shaping Our Business 95% of growth in Canadian household 49% of affluent Canadians own a business wealth will come from affluent segments Over 80% of transactions are now digital; Canadian population continues to shift person-to-person advice remains essential to meet client needs and driv
Slide 31: Strategic Priorities
30 Strategic Priorities CIBC Canadian Personal & Small Business Banking • Investing in enduring relationships Strong Client- Diversified Optimized • Growing in mobile investment advice Earnings Operating Focused Growth Efficiency Franchise • Market-leading solutions • Investing in modern, easier ban
Slide 32: Investing in Enduring Relationships
31 Investing in Enduring Relationships Shifting to Advisor Roles (FTE)1 • Continued investment in advisor roles 53% 54% 47% 46% − Renewed focus on financial planning, accreditation − Continue selective shift of clients 2015 2017 from mass market to dedicated Advice Service advisor model Advisor Prod
Slide 33: Building Deeper Relationships with Our Mortgage Clients
Building Deeper Relationships with Our 32 Mortgage Clients Real Estate Secured Lending Average Balances by Channel 1% Over 75% • Less than 15% are single- were single- FirstLine Mortgages 24% product relationships 32% product CIBC Mortgage Advisors 8% clients • Over 55% of clients have deposits and
Slide 34: Growing in Mobile Investment Advice
33 Growing in Mobile Investment Advice Growing CIBC Mobile Advisory Team (FTE) • Key driver of growth and client 1,241 1,394 acquisition 1,022 • Flexibility for clients – advice on their terms • Mobile advice presence can be scaled up quickly in growth markets 2015 2016 2017 CIBC Mobile • Strong par
Slide 35: Market-leading Solutions
34 Market-leading Solutions CIBC SmartTM Account Balances Growing Significant Growth in CIBC Aventura® Outstandings +94% +52% 2015 2017 2015 2017 Market-leading transaction account Our most widely held travel credit card
Slide 36: Investing in Business Banking Relationships
35 Investing in Business Banking Relationships Growth Opportunity with Business Clients • Growing business advisory team Current Market Share1 − Delivering specialization for priority Small Business Deposits: 4th Rank industries Small Business Lending: 5th Rank • Enhancing payments and cash manageme
Slide 37: Investing in Modern, Easier Banking
36 Investing in Modern, Easier Banking Digital Sales (%) • Recognized industry leader 17% 12% • Launch of Simplii FinancialTM • Growing digital sales capabilities 2016 2017 • Process improvements to free up resources for Digital Transactions client facing activities Over 80% of transactions now comp
Slide 38: Transforming Our Physical Network
37 Transforming Our Physical Network Transformations Drive Growth (Net Sales) • 100+ Banking Centres transformed +21% − Emphasis on advice − Leverage digital for transactions • # of banking centres down ~4% since F15 Pre 6+ Months Post
Slide 39: In Summary
38 In Summary • Driving growth by: − Building deep relationships − Providing valued advice − Offering market leading solutions; and − Delivering a frictionless banking experience … through a scalable, efficient business model Earnings Efficiency Competitive Growth1 over 3 years Ratio1 Positioning 5%
Slide 40: Q&A Canadian Personal & Small Business Banking
39 Q&A Canadian Personal & Small Business Banking
Slide 41: Canadian Commercial Banking & Wealth Management
Canadian Commercial Banking & Wealth Management Jon Hountalas Senior Executive Vice-President and Group Head
Slide 42: At-a-Glance
Canadian Commercial Banking & Wealth Management 41 At-a-Glance Contribution to CIBC’s Earnings1 Strategic Highlights • Commercial Banking: mid-market private companies & smaller public companies 24% • Wealth Management: Asset Management, CIBC Wood Gundy and Private Banking $4.7B • High-touch, high-v
Slide 43: Delivered Strong Performance
42 Delivered Strong Performance Revenue1 (C$MM) Earnings1 (C$MM) 3,149 3,272 3,590 923 993 1,139 2015 2016 2017 2015 2016 2017 Efficiency Ratio1 60% 58% 56% 2015 2016 2017 1 Non-GAAP measure adjusted for items of note. For further information, see slide 79.
Slide 44: Strong Momentum in Commercial Banking
43 Strong Momentum in Commercial Banking Funds Managed ($B) 43 49 44 53 36 39 • Upgraded our talent • Reduced bureaucracy, increased empowerment, streamlined processes 2015 2016 2017 Deposits Loans • Improved sales management Market Position1 & 3-Year Growth Rank2 • Invested in Cash Management Marke
Slide 45: High Quality Asset Management Growth
44 High Quality Asset Management Growth Retail Mutual Funds ($B) • Strong asset and net retail sales growth 84 91 101 − #3 in fund sales with 75% from Banking Centres 2015 2016 2017 Market Position1 #4 #3 #3 • Distinct focus on managed architecture and solutions Product Mix Retail Net Sales ($B) − S
Slide 46: An Integrated Private Wealth Management Business
An Integrated Private Wealth Management 45 Business Assets Under Administration ($B) • Combined both businesses under one 164 176 193 Private leader Banking CIBC Wood • Advisor shift; quality over quantity Gundy 2015 2016 2017 • Launched co-location strategy Client 1,200 1,200 1,160 Advisors • Stron
Slide 47: Trends Shaping Our Business
46 Trends Shaping Our Business Commercial Banking – stability expected Trade increasingly important; Continued business confidence certain sub-sectors moderating Wealth Management – change expected Margin pressure in Distribution and relationships manufacturing key competitive advantage
Slide 48: Strategic Priorities
47 Strategic Priorities CIBC Canadian Commercial Banking & Wealth Management • Scale our Commercial Banking model Strong Diversified Optimized Client- Focused Earnings Operating • Leverage client relationships across platforms to Growth Efficiency drive growth Franchise • Increase agility & efficien
Slide 49: Scale Our Commercial Banking Model
48 Scale Our Commercial Banking Model Strong Growth in Funds Managed ($B) • Hire additional relationship managers 9-11% CAGR (e.g. Quebec, BC, Technology Banking) 68-72 53 57-60 • Leverage U.S. Commercial Banking 44 • Maintain cost, capital and expense discipline 2017 2020 Deposits Loans
Slide 50: Leverage Client Relationships Across Platforms to Drive Growth
Leverage Client Relationships Across 49 Platforms to Drive Growth 2020 Targets: • Aggressively invest in financial planning capabilities 20%+ increase in net sales Financial Planning & Advice • Deepen banking relationship with Wealth clients $3-$4B1 $4-$5B1 $4-$6B1 • Deepen personal banking relation
Slide 51: Increase Agility & Efficiency in Wealth Management
Increase Agility & Efficiency in Wealth 50 Management Outcomes: • Improved efficiency ratio • Reduce sub-advisory costs • More focused fund line-up • Optimize Asset Management fund line-up • More revenue generated within CIBC, • Re-focus sales to CIBC distribution through client relationships channe
Slide 52: In Summary
51 In Summary • Our business is performing well • Upside in Commercial Banking from leveraging U.S. Commercial Banking and Wealth Management and staying disciplined on credit, expenses, and capital • Wealth Management will grow via increased emphasis on financial planning, leveraging our client base
Slide 53: Q&A Canadian Commercial Banking & Wealth Management
52 Q&A Canadian Commercial Banking & Wealth Management
Slide 54: Break
53 Break
Slide 55: U.S. Commercial Banking & Wealth Management
U.S. Commercial Banking & Wealth Management Larry Richman Senior Executive Vice-President and Group Head
Slide 56: U.S. Region Contribution Growing from 9% in 2017 to 17% in 2020
U.S. Region Contribution Growing from 55 9% in 2017 to 17% in 2020 Wealth Commercial Capital Markets Management Banking Q4/17 Q4/17 2017 Annualized Annualized Earnings1 Earnings1 Earnings1 ~C$30MM ~C$30MM ~C$400MM ~C$400MM ~C$180MM Larry Richman Harry Culham 1 Non-GAAP measure adjusted for items of
Slide 57: At-a-Glance
U.S. Commercial Banking & Wealth Management 56 At-a-Glance Pro Forma Contribution to Earnings1 Strategic Highlights 2 9% • Leading middle-market commercial bank with personal banking and wealth management capabilities $4.7B • Strong, proven management team with deep F2017 expertise • High-touch, rel
Slide 58: A History of Strong Profitable Growth
The Former PrivateBank 57 A History of Strong Profitable Growth Average Loans (US$B)1 Average Deposits (US$B)1 CAGR 11% CAGR 9% 11 13 14 13 14 15 2014 2015 2016 2014 2015 2016 Earnings (US$MM)1 CAGR 20% 185 208 153 1 Based on U.S. GAAP. 2014 2015 2016
Slide 59: Wealth Management Business Achieving Scale
58 Wealth Management Business Achieving Scale Assets Under Administration1 (C$B) Assets Under Management (C$B) 74 12% 41 44 59 17% $59B 36 38 F2017 71% 3 2015 2 2016 2 2017 CIBC Atlantic Trust Geneva Advisors AUA AUM Former PrivateBank 1 Assets under management (AUM) are included in assets under adm
Slide 60: Greater Cross-Border Capabilities
CIBC+PrivateBank 59 Greater Cross-Border Capabilities CIBC Capabilities PrivateBank Capabilities • Strong Canadian banking • High-touch, U.S. commercial Continue to technology and platform build banking services and private profitable banking capabilities • Top-tier product set for client commercial
Slide 61: Expanding National Presence in the U.S.
60 Expanding National Presence in the U.S. • Currently operating out of 28 markets Birmingham Boston Rochester Minneapolis Grand Stamford − 17 Commercial Banking Milwaukee Rapid Detroit Cleveland New York offices, primarily in the Des Moines Chicago Pittsburg Wilmington Baltimore San Francisco Midwe
Slide 62: A Strong Beginning
61 U.S. Commercial Banking & Wealth Management A Strong Beginning Revenue1 (C$MM) Earnings1 (C$MM) 876 222 439 385 111 93 428 114 2015 2 2016 2 2017 3 2015 2 2016 2 2017 3 Contribution from acquired assets Efficiency Ratio1 (%) 67% 75% 61% 2015 2 20162 2017 3 1 Non-GAAP measure adjusted for items of
Slide 63: Trends Shaping Our Business
62 Trends Shaping Our Business Anticipate further U.S. Evolving U.S. regulatory environment interest rate increases Competitive commercial Client sentiment banking marketplace
Slide 64: Strategic Priorities
63 Strategic Priorities CIBC U.S. Commercial Banking & Wealth Management Strong • Growing organically through long-term client Diversified Optimized Client- relationships Earnings Operating Focused Growth Efficiency Franchise • Enhancing our U.S. platform Disciplined Capital Deployment • Investing t
Slide 65: Profitable Client Relationships Driving Growth
64 Profitable Client Relationships Driving Growth 2020 Targets: • Maintain selectivity and discipline in business development 9% − 11% • Leverage existing capabilities to provide Loan Growth1 full complement of services to clients CAGR • Provide treasury management and corporate liquidity solutions
Slide 66: Enhancing Our U.S. Platform and Investing to Serve Our Clients
Enhancing Our U.S. Platform and Investing to 65 Serve Our Clients • Leverage technology and infrastructure to further process efficiencies • Maintaining our credit risk discipline and Drive revenue focus on strong asset quality growth and • Managing our expenses while operating appropriately investi
Slide 67: In Summary
66 In Summary • Growing profitable, full client relationships with our high touch model, led by an experienced management team • Leveraging the momentum in our U.S. SBU • Making appropriate investments to grow our business Earnings Efficiency Growth1 over 3 years Ratio1 10% - 12% <50% CAGR2 run-rate
Slide 68: Q&A U.S. Commercial Banking & Wealth Management
67 Q&A U.S. Commercial Banking & Wealth Management
Slide 69: Capital Markets
Capital Markets Harry Culham Senior Executive Vice-President and Group Head
Slide 70: At-a-Glance
CIBC Capital Markets 69 At-a-Glance Contribution to CIBC’s Earnings1 Strategic Highlights • A business built on client relationships, adding 23% value through insight, advice and execution $4.7B • Strong track record of profitable growth F2017 • Actionable plan to further diversify and expand our bu
Slide 71: Strong Track Record of Profitable Growth
70 Strong Track Record of Profitable Growth Revenue1 (C$MM) Earnings1 (C$MM) 2,737 2,823 2,400 1,020 1,090 855 2015 2016 2017 2015 2016 2017 Efficiency Ratio1 (%) RORC1 (%) 52% 48% 49% 18% 18% 20% 2015 2016 2017 2015 2016 2017 1 Non-GAAP measure adjusted for items of note. For further information, s
Slide 72: Outsized Performance vs. Peers
71 Outsized Performance vs. Peers Selected Metrics1 vs. Peers2 Our Competitive Advantages Earnings CAGR RORC Efficiency Ratio • Focused business model, centered around our clients (F2014 – F2017) (F2017) (F2017) 55% • Highly disciplined capital allocation 20% 13% 49% 16% • Best-in-class resource eff
Slide 73: Trends Shaping Our Business
72 Trends Shaping Our Business ~$5.5 Trillion ~$60 Trillion Global Private Capital Assets Under Management, Estimated Global Infrastructure spending including ~$1.5 Trillion “dry powder” through 2030 ~$30 Billion ~$300 Billion Annual foreign remittances from Canada, the Total value of Canada / U.S.
Slide 74: Strategic Priorities
73 Strategic Priorities CIBC Capital Markets Strong Diversified Optimized • Leverage our scalable platform Client- Earnings Operating Focused Growth Efficiency • Increase connectivity across our bank Franchise • Diversify our earnings growth Disciplined Capital Deployment
Slide 75: Leverage Our Scalable Platform
74 Leverage Our Scalable Platform Expand in Our Areas of Competitive Strength • Extending our differentiated businesses into new Talent & Systems & markets segments Expertise Technology • Efficiently leveraging our talent and infrastructure Scalable Growth Deliver Innovation to Our Clients • Develop
Slide 76: Increase Connectivity Across Our Bank
75 Increase Connectivity Across Our Bank Activity with Personal & Small Business, Commercial Banking and Wealth clients currently represents <15% of our Capital Markets revenue and is an area of strategic growth Commercial Banking Wealth Management Personal & Small Business • Risk mitigation & hedgi
Slide 77: Diversify Our Earnings Growth
76 Diversify Our Earnings Growth By Region Our Growth Over the Next 3 Years • Expanding our U.S. franchise − For our Corporate & Institutional clients Of Capital Markets’ growth will − For our new Commercial & Wealth clients ~40% come from increased client activity in the U.S. region By Industry & C
Slide 78: In Summary
77 In Summary • Strong momentum, building on our track record of profitable growth and outsized returns • Actionable opportunities to diversify and expand our business over the next three years ‒ Leveraging our scalable platform ‒ Increasing connectivity across our bank ‒ Diversifying our earnings g
Slide 79: Q&A Capital Markets
78 Q&A Capital Markets
Slide 80: Note to Investors
79 Note to Investors CIBC uses a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP), while other measures do not have a standardized meaning under GAAP, and according
Slide 81: Appendix: Speakers' Biographies
80 Appendix Speakers’ Biographies
Slide 82: CIBC
81 CIBC Victor G. Dodig Kevin Glass President and Chief Executive Officer Senior Executive Vice-President and Chief Financial Officer Victor G. Dodig leads the CIBC group of companies, a leading North American Kevin Glass has overall responsibility for financial, management and regulatory financial
Slide 83: CIBC
82 CIBC Amy South Senior Vice-President & Chief Financial Officer Functional Groups & Head of Investor Relations, Finance As Chief Financial Officer of CIBC’s Functional Groups (Administration Division, Client Connectivity and Innovation, Finance, Human Resources, Internal Audit, Risk Management, an
Slide 84: Personal and Small Business Banking
83 Personal and Small Business Banking Christina Kramer Stephen Forbes Senior Executive Vice-President and Group Head, Executive Vice-President, Personal and Small Business Banking Banking Centres Christina Kramer is responsible for CIBC’s banking centres, Imperial Service, Small Stephen Forbes is r
Slide 85: Personal and Small Business Banking
84 Personal and Small Business Banking Edward Penner Grant Rasmussen Executive Vice-President, Senior Vice-President, Personal Banking Products Mobile Advice Edward Penner is responsible for personal banking products, including mortgage Grant Rasmussen oversees a national team of Mobile Advisors who
Slide 86: Personal and Small Business Banking
85 Personal and Small Business Banking Andrew Turnbull Senior Vice-President, Small Business Banking Andrew Turnbull leads CIBC’s strategy, client experience, product management and distribution disciplines for Canadian small businesses . Andrew joined CIBC in 2011 as Managing Director of strategy a
Slide 87: Canadian Commercial Banking and Wealth Management
Canadian Commercial Banking and 86 Wealth Management Jon Hountalas Peter H. Lee Senior Executive Vice-President and Group Head, Managing Director and Head, Canadian Commercial Banking and Wealth Management CIBC Private Wealth and CIBC Wood Gundy Jon Hountalas leads our Commercial Banking and Wealth
Slide 88: Canadian Commercial Banking and Wealth Management
Canadian Commercial Banking and 87 Wealth Management Dino Medves David Scandiffio Senior Vice-President and Head, President and CEO, Commercial Banking CIBC Asset Management Dino Medves currently leads Diversified Markets commercial banking activities David Scandiffio is responsible for the overall
Slide 89: U.S. Commercial Banking and Wealth Management
U.S. Commercial Banking and 88 Wealth Management Larry D. Richman Karen Case Senior Executive Vice-President and Group Head, Executive Managing Director and President, CIBC U.S. Region Commercial Real Estate, CIBC U.S. Region Larry Richman oversees CIBC’s expanding U.S. Region, including middle mark
Slide 90: U.S. Commercial Banking and Wealth Management
U.S. Commercial Banking and 89 Wealth Management Bob Frentzel Kevin Killips Managing Director and President, Executive Managing Director and Chief Financial Officer, Specialized Industries CIBC U.S. Region CIBC U.S. Region Bob Frentzel is responsible for several industry sectors including asset-base
Slide 91: U.S. Commercial Banking and Wealth Management
U.S. Commercial Banking and 90 Wealth Management Jack S. Markwalter Jr. Chief Executive Officer, CIBC Atlantic Trust Private Wealth Management Jack Markwalter leads CIBC Atlantic Trust Private Wealth Management, holding this position since January 2004. He joined CIBC Atlantic Trust in 2002 and has
Slide 92: Capital Markets
91 Capital Markets Harry Culham Shawn L. Beber Senior Executive Vice-President and Group Head, Managing Director and Head, CIBC Capital Markets U.S. Capital Markets Harry Culham is responsible for CIBC Capital Markets, which provides integrated Shawn Beber is Managing Director and Head, U.S. Capital
Slide 93: Capital Markets
92 Capital Markets Roman Dubczak Christian Exshaw Managing Director and Head, Managing Director and Head, Global Investment Banking Global Markets Roman Dubczak is responsible for all financing and advisory activities including Christian Exshaw is responsible for capital markets sales, trading, rese
Slide 94: Capital Markets
93 Capital Markets Susan Rimmer Managing Director and Head, Global Corporate Banking Susan Rimmer leads CIBC’s Global Corporate Banking team and is responsible for CIBC’s corporate banking business across Canada, U.S., Europe and Asia. Most recently, Susan was Managing Director and Global Head of CI
Canadian Imperial Bank of Commerce (CIBC) — Investor Day (December 2017) on 6ix