Key changes at one of the Big Five are confirming its decision to install a veteran of Canada’s wealth industry at its helm
By John Tilak
TORONTO (Reuters) - Canadian Imperial Bank of Commerce has made two key executive changes within its wholesale banking business as Canada's fifth biggest bank further consolidates under Chief Executive Victor Dodig.
Dodig, who took over as CEO a year ago, has driven several management shuffles in that time as he looks to address CIBC's competitive challenges in the domestic market.
In two newly created positions, Roman Dubczak has been named head of global investment banking and Christian Exshaw head of global markets, according to an internal memo seen by Reuters. The announcement came from Harry Culham, group head of wholesale banking.
Dubczak was previously head of equity markets, and Exshaw was earlier head of capital markets trading.
Dubczak's appointment follows the planned retirement of Geoff Belsher, group co-head of CIBC's wholesale banking business. Dubczak is seen taking on some of Belsher's responsibilities and will now oversee M&A advisory, equity capital markets, debt capital markets and infrastructure finance.
In his expanded role, Exshaw will look after capital markets sales, trading and research.
For the first half of the year, CIBC ranked No. 3 in equity capital markets and No. 2 in debt capital markets, according to Thomson Reuters data for Canada.
CIBC has advised Element Financial Brookfield Asset Management Inc. and Bombardier Inc on equity deals this year.
CIBC shares were up 0.9% in afternoon trade in Toronto.
(Reporting by John Tilak; Editing by Andrea Ricci and Alan Crosby)
