CIBC set to cut about 2,000 jobs, says report

Changes to its senior executive ranks also expected as it follows through on vow to be 'a more efficient bank'

CIBC set to cut about 2,000 jobs, says report

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, according to a Globe and Mail report today.

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.

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”.

Controlling costs is particularly vital for CIBC, which already expects expenses to grow at 4%-5% this year, double the pace of its rivals.