CIBC expands U.S. energy investment banking team with addition of four directors

TORONTO, June 9 (Reuters) - Canadian Imperial Bank of Commerce is expanding its energy, infrastructure and transition (EIT) investment banking team in the United States with the addition of four directors, according to an internal memo shared on Thursday.

Rutuja Jagtap has joined Canada's fifth-biggest bank as executive director in New York from Mizuho, where she covered renewables and energy transition.

Neil Davids, David Janashvili and David Yeh have joined as managing directors, the former two from BNP Paribas and Canaccord Genuity, also in New York. Yeh, a climate investor and a senior advisor in President Barack Obama's administration, will be based in San Francisco.

The expansion comes as investment banks and other firms in the U.S. slow hiring https://www.businessinsider.com/wall-street-hiring-freeze-layoffs-investment-banks-IPO-stall-2022-5 as concerns about inflation and a tight labour market.

CIBC last month missed analysts' estimates for second-quarter profit, in part due to higher expenses driven by spending on strategic initiatives, including in the U.S., and employee compensation, but the bank has said the spending is expected to moderate in the second half. (Reporting By Nichola Saminather)