Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
CIBC takes restructuring hit tied to 2,000 looming job cuts: Canadian Imperial Bank of Commerce is taking a $339-million restructuring charge, cutting nearly 5 per cent of its staff and moving top executives to new roles, even as it posted a 3-per-cent rise in quarterly profit. (James Bradshaw)
GMP Capital to take full ownership of Richardson GMP as it focuses on wealth management: GMP Capital Inc. delivered a long-awaited plan on Wednesday to allow its investment advisers to cash in on their ownership stake in the company’s wealth-management business, a potential payday that grows significantly if the business prospers, but shrinks if stockbrokers depart. (Clare O’Hara and Andrew Willis)
How Canadian fund managers are reacting to the coronavirus selloff - and what they’re buying and selling: The global spread of the coronavirus is hammering global markets, leaving investors to wonder if they should sell stocks, or if it’s time to buy at cheaper prices. The Globe and Mail spoke with a handful of Canadian portfolio managers about their take on the recent market volatility and how they’re investing through it all. (Brenda Bouw)
Desjardins Group says 2019 theft of 4.2 million members’ data cost $108-million: The Desjardins Group says last year’s theft of the personal data of its 4.2 million members ultimately cost the co-operative $108-million. (The Canadian Press)
BlackRock vice chair and co-founder Barbara Novick to step down: BlackRock Inc. vice chairman and co-founder Barbara Novick will step down from her day-to-day duties at the asset manager, according to an internal memo seen by Reuters on Wednesday. (Reuters)
The Streetwise newsletter is Monday to Friday. If you’re reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.