The Toronto firm, Canada’s fifth-largest lender by assets, must keep “a careful eye on costs” and improve efficiency, its CEO said in a corporate memo.
Five years into Victor Dodig's time as chief executive officer of CIBC, the performance gap between Canada's fifth-largest bank and its peers is as wide as ever.
Online lenders now have close to 40% of the unsecured personal loan market, much of which is refinanced credit card debt. Banks' card portfolios are taking a hit.
The two lenders are bucking the trend for the overall industry, which saw year-over-year mortgage growth slide to a 17-year low in March, according to the Bank of Canada.
Canada is making a big leap in modernizing identity verification, tapping blockchain technology to let consumers digitally prove who they are to securely access banking and other personal services.
Michael Capatides, CIBC's chief administrative officer and general counsel, will take over as CEO of CIBC Bank USA on April 1, replacing Larry Richman.
