Canadian Imperial Bank of Commerce is boosting the target size for wealth-management takeovers to more than $951m as it seeks to increase profit from the business.
Bloomberg News reports that bank CEO Gerald McCaughey said at a conference Wednesday:
'As we have worked through the universe of potential acquisitions, it becomes clear that choices improve as we expand the size of the universe under consideration'.
In the meantime, Bloomberg also reports that Macquarie Group is exiting its real estate and leveraged-finance investment-banking businesses in Canada, according to a person with direct knowledge of the change.
Macquarie Capital Markets Canada cut 'a very small number' of jobs in areas that aren’t considered essential, said the person, who asked not to be identified because the information hasn’t been made public.