Therecord.com reports that CIBC plans to close or 'substanially' reduce its US electronic banking unit Amicus and will cut around 710 jobs at its wealth management and capital markets units.
Further details of the Amicus cuts are expected next month when the Canadian bank reports its year-end figures. In a separate announcement the bank confirmed that it was to restructure its World Markets business and that 240 jobs in the US would go, together with around 470 in operations and wealth managment.
The bank's fiscal third quarter results published in July revealed a 60% drop in earnings due to weak capital markets and telecom sector write-downs. A spokesman said that the World Markets' cuts reflected 'a continued low level of business activity, particularly in investment banking.' The job losses were not unexpected.