|Bid||75.75 x 800|
|Ask||75.79 x 800|
|Day's Range||75.01 - 76.68|
|52 Week Range||73.20 - 87.62|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||8.62|
|Forward Dividend & Yield||4.40 (5.67%)|
|Ex-Dividend Date||Mar 25, 2020|
|1y Target Est||98.31|
In 2014 Victor Dodig was appointed CEO of Canadian Imperial Bank of Commerce (TSE:CM). This report will, first...
(Bloomberg) -- Oil tumbled to the lowest since early January 2019 on mounting fears of the coronavirus contagion wreaking havoc on economic growth.Futures fell 3.4% in New York on Thursday and are poised for the worst weekly loss since 2014 as the coronavirus spreads further outside of China, roiling financial markets. The S&P 500 sank as much as 10% since last Friday and pushed the index into a correction, while the Dow Jones Industrial Average fell to the lowest in almost five months. California’s governor said the state was monitoring 8,400 people for the virus on Thursday, adding to the alarm of a global pandemic.“We definitely saw some aggressive, panic-like selling,” said Rebecca Babin, a senior equity trader at CIBC Private Wealth Management. “There’s still some room for downside because emotions are running high with the virus. We need a positive catalyst to put the floor in otherwise the direction is just lower from here.”The U.S. benchmark crude has fallen about 23% this year as the virus hits demand for fuels. Investors are assessing whether the Organization for Petroleum Exporting Countries and its allies will be able to agree on deeper production cuts as a response to the coronavirus during a meeting next week in Vienna. Saudi Aramco is already supplying China with 500,000 barrels a day less than normal in March due to the outbreak.OPEC Secretary-General Mohammad Barkindo said the group and its allies are showing a “renewed commitment” to reaching an agreement that will stabilize oil markets when producers meet. “The fast-evolving impacts of the virus mean the challenge is akin to catching a falling knife,” Bill Farren-Price, a director at consultant RS Energy Group, now part of Enverus, said in an email. “Agree too-small a cut and risk undermining credibility, or over-tighten the market and boost oil prices just at the time when the global economy is flirting with a downturn.”West Texas Intermediate futures for April delivery slid 3.4% to settle at $47.09 a barrel on the New York Mercantile Exchange.A measure of oil-market volatility surged to the highest level since September.Brent for April settlement lost $1.25 to end the session at $52.18 a barrel on the ICE Futures Europe exchange, putting its premium over WTI at $5.09.So-called time-spreads further down the futures curve have also weakened, with the closely-watched December 2020-2021 differential at the weakest in more than a year on Thursday, highlighting the market’s demand concerns.Oil could fall below $30 a barrel if OPEC+ fails to agree to a production cut, Standard Chartered Plc analysts Emily Ashford and Paul Horsnell wrote in a report. Russia has so far resisted pressure from Saudi Arabia for an OPEC+ agreement to cut production further as the virus hits demand.\--With assistance from James Thornhill.To contact the reporter on this story: Jackie Davalos in New York at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, Jessica Summers, Catherine TraywickFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Canadian Imperial Bank of Commerce and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
(Bloomberg) -- Canadian Imperial Bank of Commerce shuffled its top management ranks, cut jobs and took a restructuring charge as Chief Executive Officer Victor Dodig works to control costs.Canada’s fifth-largest lender by assets recorded a C$339 million ($255 million) charge in its fiscal first quarter to cover severance from staff reductions, as the pace of expense growth accelerated for a sixth straight quarter. CIBC also named new managers including the head of its largest division, Canadian personal and business banking, where the main product line -- mortgages -- lagged behind rivals in the past year.The moves are part of Dodig’s efforts to reshape the Toronto-based bank while improving efficiencies. CIBC follows Bank of Montreal and Toronto-Dominion Bank in taking restructuring charges in recent quarters, as tighter margins, rising provisions and a more challenging operating environment damp revenue growth and spur Canadian lenders to cut costs to increase earnings.The job cuts will affect almost 5% of CIBC’s employees, Chief Financial Officer Hratch Panossian said on a conference call Wednesday. Based on the bank’s 45,083 full-time positions in the first quarter, the reductions equate to about 2,200 employees, the biggest cut in two decades.The reductions come as non-interest expenses soared 11% to C$3.07 billion -- the highest in more than 14 years -- with the bank citing higher performance-based compensation, the restructuring and “continued investments to fuel future growth” for the jump.The restructuring charge, which totaled C$250 million after taxes, “supports an enterprise-wide program to accelerate delivery of our priorities, including improving our efficiency,” Dodig said on the call. “We’re not taking these decisions lightly, but the restructuring will help us repurpose our cost structure as we simplify, reinvest in and position our bank to further strengthen our relationships with our clients.”Expense PushDodig’s expense push is showing some progress, with the bank’s adjusted efficiency ratio -- a measure of what it costs to produce a dollar of revenue -- improving to 55% in the three months through Jan. 31 from 56% in the fourth quarter. In December, Dodig changed his efficiency target to what he said was a more “realistic” range of 53.5% to 54% for 2022, from an earlier goal of 52%.The bank’s shares were little changed at C$106.13 at 9:36 a.m. in Toronto. They’ve dropped 1.6% this year, compared with a 0.7% increase in the S&P/TSX Commercial Banks Index.CIBC also reworked its management ranks, with Chief Risk Officer Laura Dottori-Attanasio becoming senior executive vice president of Canadian personal and business banking, the company’s largest division. She replaces Christina Kramer, who was named senior executive vice president of technology, infrastructure and innovation.Shawn Beber was appointed chief risk officer, and Harry Culham, CIBC’s capital markets head, was given added responsibilities for the Caribbean, the bank’s CIBC Mellon custodial banking partnership and direct-to-consumer businesses including Simplii Financial. The moves are effective March 2, CIBC said.CIBC’s quarterly results beat analysts’ estimates, with a 2.5% increase in net income led by surging capital-markets earnings and gains from the company’s Canadian banking and wealth management divisions. The bank also raised its dividend.“Overall we have a positive view” on results, RBC Capital Markets analyst Darko Mihelic wrote in a note to clients. “Better results versus our forecast were largely capital markets driven and all other major segments were relatively in line with our forecast.”(Updates with details on cuts in fourth paragraph, shares in seventh.)To contact the reporter on this story: Doug Alexander in Toronto at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, ;Derek Decloet at email@example.com, Daniel Taub, Steve DicksonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Canadian Imperial Bank (CM) delivered earnings and revenue surprises of 9.38% and 2.88%, respectively, for the quarter ended January 2020. Do the numbers hold clues to what lies ahead for the stock?
CIBC also recorded an employee severance charge of C$339 million ($255.16 million), as it cut 5% of its workforce, or about 2,250 employees. CIBC is the fourth of Canada's six biggest lenders to have reported better earnings than expected for the three months ended Jan. 31, after the worst year for profit growth since the financial crisis in fiscal 2019. CIBC shares rose 0.2% to C$106.26 in early trading in Toronto, broadly in line with the Toronto stock benchmark .
NEW YORK, NY / ACCESSWIRE / February 26, 2020 / Canadian Imperial Bank of Commerce (NYSE:CM) will be discussing their earnings results in their 2019 Fourth Quarter Earnings call to be held on February ...
TORONTO , Feb. 26, 2020 /CNW/ - CIBC (TSX: CM) (CM) President and CEO Victor Dodig today announced appointments to the bank's Executive Committee that will leverage and further develop the strength of its leadership team while accelerating efforts to build a relationship-oriented bank for a modern world. "We have made significant progress in transforming our bank around our clients, diversifying our earnings, building a winning culture, and improving our client experience scores, all of which reflects a highly connected and committed team," said Mr. Dodig. As previously announced in August 2019 , Kevin Patterson , Senior Executive Vice-President, Technology and Operations, will be retiring from CIBC effective May 1, 2020 .
CIBC Provides Update on the Phase-Out of Non-Qualifying Capital Instruments under the OSFI Capital Adequacy Requirements Guideline
TORONTO , Feb. 24, 2020 /CNW/ - A new CIBC study finds that many (59 per cent) Canadian women say financial security contributes to their happiness. Most (73 per cent) wish they had started saving earlier in life, with many (67 per cent) expressing the same about investing. Furthermore, only a minority of women feel they understand what to do with their money: 10 per cent report feeling very knowledgeable about investing, and 15 per cent feel the same about retirement planning.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of CIBC Mellon Trust Company and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Canadian Imperial Bank of Commerce is expected to make changes to its senior executive ranks and announce about 2,000 job cuts when it reports first-quarter earnings next week, the Globe and Mail reported https://tgam.ca/2uguwyL on Friday. CIBC plans to move Christina Kramer, the head of personal and small-business banking, to a new role as head of technology and operations, while current chief risk officer Laura Dottori-Attanasio will take Kramer's place at the helm of the retail banking division, the newspaper reported, citing sources familiar with the matter. Victor Dodig, chief executive officer of Canada's fifth-largest bank, told staff late last month that CIBC needs to challenge itself to be "a more efficient bank by focusing on continuous improvement and keeping a careful eye on costs".
Canadian Imperial Bank (CM) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
(Bloomberg) -- Oil rose for a third session, the longest winning streak since early January, after the World Heath Organization rekindled optimism that the coronavirus outbreak could be abating.Futures gained 0.5% in New York on Thursday to the highest level in nearly two weeks. The WHO said the spike in coronavirus diagnoses doesn’t necessarily reflect a sudden surge in new infections. Hubei province, the outbreak’s epicenter, revised its method for counting infections. A top WHO official said many of the added cases date back days and weeks.“The market is getting more comfortable that we’ve hit the bottom,” said Rebecca Babin, a senior equity trader at CIBC Private Wealth Management. “Oil markets have discounted the worst case and could show more resilience as long as cases outside of China are not spiking.”Oil prices recovered this week on the back of optimism that the spread of the deadly coronavirus outbreak could easing. The International Energy Agency on Thursday said oil demand will drop this quarter for the first time in over a decade, citing the viral outbreak’s impact on economic activity and travel in China.West Texas Intermediate crude for March delivery rose 25 cents to settle at $51.42 a barrel on the New York Mercantile Exchange.Brent for April settlement climbed 55 cents to end the session at $56.34 a barrel on the ICE Futures Europe exchange, putting its premium over WTI for the same month at $4.68.The market’s structure also continued to signal strength. Brent’s front-month contract traded at a 4-cent discount to its second-month contract, the smallest discount since the contracts traded in backwardation at the end of January.Meanwhile, Saudi Arabia and Kuwait authorized the restart of oil production at the Wafra field from Sunday, more than four years after they halted output at the shared deposit.Kuwait and Saudi Arabia have said a resumption would be unlikely to add significant amounts of oil to the market within the duration of the Organization of Petroleum Exporting Countries’ production cuts deal, which runs until the end of March.(A previous version was corrected to say demand will drop in fourth paragraph.)To contact the reporter on this story: Jackie Davalos in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Jessica Summers, Joe CarrollFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's approach to rating this transaction involved the application of both our Large Loan and Single Asset/Single Borrower CMBS methodology and our IO Rating methodology. The structure's credit enhancement is quantified by the maximum deterioration in property value that the securities are able to withstand under various stress scenarios without causing an increase in the expected loss for various rating levels.