CIBC changes leadership in U.S. investment banking division

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(Bloomberg) – The Canadian Imperial Bank of Commerce has named Chief Risk Officer Shawn Beber to lead its U.S. division and tapped Susan Rimmer to lead the global business and investment banking franchise of the society.

Current U.S. chief Mike Capatides will take over as the bank’s vice president in the country when the changes take effect Nov. 1, the Toronto-based bank said in a statement Tuesday. Roman Dubczak, who now heads the global investment bank, has been named vice president of capital markets, according to an internal memo from chief executive Victor Dodig.

CIBC is counting on the United States for much of its growth in the coming years, building on its $5 billion acquisition of Chicago-based wealth manager and business lender PrivateBancorp Inc. in 2017. The strategy is focused on getting commercial banking, capital markets and wealth management units to work together to serve the country’s entrepreneurs.

Beber previously worked as CIBC’s general counsel and led its U.S. capital markets business as well as corporate strategy and development. He will be based in Chicago. Capatides has served the bank for more than 25 years, serving as Chief Administrative Officer and General Counsel, among other roles.

Frank Guse, currently executive vice president of personal and commercial banking strategy and transformation, will take over as chief risk officer.

Rimmer was until recently responsible for global corporate banking and previously led the bank’s debt capital markets business. She will report to Harry Culham, head of CIBC Capital Markets. Dubczak has been with CIBC for approximately 30 years and led its global equity, equity capital markets and corporate debt origination businesses.

Kevin Li has been named Head of Global Investment Banking, while Eric Métivier has been named Head of Global Corporate Banking. Both leaders will report to Rimmer.

CIBC was up 1.3% to C$62.37 at 9:35 a.m. Toronto. Stocks have slid 15% this year, compared to an 11% decline for the S&P/TSX Commercial Banks Index.

(Updates with stock price in last paragraph. A previous version of this story corrected Dubczak’s current headline in second paragraph.)

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