A CIBC sign is seen outside of an Ottawa branch in 2016.Chris Wattie/Reuters
Canadian Imperial Bank of Commerce is reshuffling capital markets staff on both sides of the border, as part of broader changes at the bank that will see more than 40 executives take on new roles.
With Jon Hountalas starting a new role leading commercial banking and wealth management in Canada, Susan Rimmer has been named the head of global corporate banking, according to a staff memo sent on Tuesday. In her new role, Ms. Rimmer, who joined CIBC in 2009 as head of debt capital markets, will report to Harry Culham, who runs CIBC World Markets.
Replacing her as global head of DCM at CIBC is Marc St-Onge. He will report to Roman Dubczak, the head of global investment banking. Eric Metivier becomes the head of corporate banking in Canada, reporting to Ms. Rimmer, the memo said.
These moves are a part of a broader shakeup at Canada's fifth-largest lender, which was first announced Tuesday, that will see senior roles redrawn after two executives leave the bank and other employees are promoted and hired to fill new and old positions.
CIBC has also unveiled changes to its capital markets arm in the United States, just days before the bank is expected to close its $4.9-billion (U.S.) acquisition of Chicago-based PrivateBancorp Inc.
Shawn Beber is being appointed as the head of capital markets in the U.S., reporting to Mr. Culham and to Larry Richman, the chief executive officer of PrivateBancorp who will become the head of the U.S. region for CIBC after the transaction closes. Mr. Beber had worked in corporate development and his leadership was "integral to completing" the PrivateBancorp deal, the memo said.
"He will focus on driving our U.S. growth strategy and will provide day to day oversight of our U.S. capital markets team, as well as work closely with our broader U.S. banking business upon closing of The PrivateBank transaction," Mr. Culham added in the memo.
In addition to her role as the co-head of global infrastructure and power, Laurie Mahon will become vice chair of U.S. investment banking, reporting to Mr. Dubczak. Steve Meston, who was head of U.S. corporate banking, will be taking on a senior role in risk management.
As part of the changes, Ms. Rimmer and Mr. Beber will join CIBC's operating committee.