CIBC once had a much bigger presence in the United States, but decided to retreat back to the safety and familiarity of the Canadian market after a series of missteps in the early 2000s.Fred Lum/The Globe and Mail
CIBC World Markets has hired energy analyst Jamie Kubik to cover small- and mid-cap producers in Calgary.
Mr. Kubik starts in his new role in July. He is joining CIBC from Desjardins Securities Inc., where he worked as an oil and gas analyst since 2015.
The position at CIBC opened up earlier this year when analyst Adam Gill left to join Eight Capital, the firm formerly known as Dundee Capital Markets.
The new hire comes as Canada's energy sector tries to grapple with a much-delayed recovery in oil prices, declining share prices and opposition to major pipeline proposals – all of which have stoked fears about the prospect of future growth.
U.S. oil prices fell Wednesday to a 10-month low, sinking below $43 (U.S.) a barrel. The Toronto Stock Exchange's energy group has slumped 16 per cent since the start of the year.
Last week, the Canadian Association of Petroleum Producers said that oil sands producers were expected to slash their spending this year to $15-billion, down from an estimated $17-billion last year. In 2014, the industry spent $34-billion.
Christina Pellegrini