Victor Dodig of CIBC is on Wealth Professional Canada's Hot List of 2015.
It seemed every global bank talked up their wealth management division this year. With traditional banking lines like consumer lending and capital markets operations sputtering, global banking execs seemed to hit on wealth management as the new bright spot. But CIBC seemed to embrace the trend like no other. When former CEO Gerry McCaughey announced he was stepping down, Bay Street was shocked when Victor Dodig was named the new CEO. There had been rumours the bank would be the first of the Big Five in more than 100 years to go outside for a new leader, but if the bank did recruit internally, it was assumed David Williamson, the head of the bank’s core retail banking unit (responsible for 70% of earnings), would be crowned. So when CIBC tapped Dodig, it signalled a coming of age for the Canadian wealth management sector.
