CIBC Expands U.S. Energy Investment Banking Team and Increases Staff Compensation

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TORONTO, June 9 (Reuters) – Canadian Imperial Bank of Commerce (CM.TO)On Thursday, it announced it would expand its energy investment banking team in the United States and announced a pay rise from July for the majority of its merit-eligible employees, according to separate internal memos seen by Reuters. .

Canada’s fifth-largest bank is bolstering its global investment banking team of 100 people in energy, infrastructure and transition (EIT) with the addition of four directors in the United States.

Rutuja Jagtap has joined as Executive Director in New York from Mizuho (8411.T) where she covered renewable energy and the energy transition.

Neil Davids, David Janashvili and David Yeh are managing directors, the first two joining BNP Paribas and Canaccord Genuity (CF.TO) , also in New York, both with prior experience in energy transition and renewable energy. Yeh, a climate investor and senior adviser in President Barack Obama’s administration, will be based in CIBC’s new office in San Francisco.

The expansion comes even as investment banks and other businesses in the United States slow hiring regarding inflation and a tight labor market. Read more

In addition, CIBC announced that it would increase its minimum entry wage to $20 an hour in Canada and the United States in each country’s currency, from the current $17, and raise it to $25 $ by the end of 2025, according to the memo. It will also increase base salaries by 3% for the six lowest levels of employees, he said.

“These investments build on the regular and targeted strategic investments we have made as we continue to ensure we pay competitively…especially at a time when the cost of living is rising,” said CEO Victor Dodig in the memo.

CIBC last month missed its quarterly profit estimates, in part due to higher spending driven by spending on strategic initiatives, including in the U.S., and employee compensation, but the bank said spending should moderate in the second half. Read more

Reporting by Nichola Saminather


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