Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
CIBC plans executive shuffle, cut 2,000 jobs as it aims to improve mortgage lending, control expenses: Canadian Imperial Bank of Commerce is expected to make major changes to its senior executive ranks and announce about 2,000 jobs cuts when it reports fiscal first-quarter earnings next week, according to sources familiar with the plan. (James Bradshaw)
Caisse fails to beat investment benchmark as real estate posts negative return: Ivanhoé Cambridge, the real-estate arm of the Caisse de dépôt et placement du Québec, will likely sell a third of its 25 shopping centres after its 2019 returns dragged down the entire fund. (David Milstead)
Telus raises $1.3-billion in bought deal in move to bring down debt: Telus Corp. raised $1.3-billion in a bought deal announced Wednesday evening, in a move to bring down its debt level following two large transactions and to bolster its balance sheet ahead of the build-out of its fifth-generation wireless network. (Mark Rendell)
OSC proposes new restrictions on sales of mutual funds with early redemption fees: Industry regulators in Ontario are proposing certain restrictions on the sale of mutual funds that charge investors early withdrawal fees, while the rest of Canada announces an official ban on the controversial investments. (Clare O’Hara)
Toronto software firm Dye & Durham set to launch $150-million IPO within weeks: sources: Legal software provider Dye & Durham Corp. plans to file next month to raise $150-million in an initial public offering on the Toronto Stock Exchange. (Sean Silcoff)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Starlight and KingSett Capital to buy Northview Apartment REIT for $4.8-billion: Starlight Investments and KingSett Capital plan to buy Northview Apartment REIT for $4.8-billion in an all-cash deal that would give the two private Canadian real estate companies control over thousands of apartments across the country at a time when rents are soaring. (Rachelle Younglai)
Sandpiper acquires 10-per-cent stake in Dream Office: Sandpiper Group said it has taken a 10-per-cent stake in Dream Office REIT, as the private-equity company seeks exposure to the booming office market in Toronto. (Rachelle Younglai)
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