Canadian Imperial Bank of Commerce (CIBC) has laid off several portfolio managers, analysts and traders amid the Covid-19 pandemic, Bloomberg reported.
These cuts are part of the bank’s plan to reduce its headcount by nearly 5%.
This week, portfolio managers Nicholas Leach, Robert Gignac and Brian See, and traders Bryan Trudel and Craig Wilson, left the bank.
CIBC Asset Management AVP of global equity trading Kathleen Gregoire, and metals analyst Oscar Cabrera and oilfield services analyst Daine Biluk were also laid off.
Additionally, reports emerged stating that CIBC chief client experience officer Deepak Khandelwal will leave the bank next month.
Earlier this year, CIBC CEO Victor Dodig announced the restructuring plan, which runs from 1 August 2020 to 31 October 2020, the report added.
In February, CIBC said it would cut thousands of jobs as part of its overhaul.
The latest departures add to the growing list of changes at Canadian banks in the Bay Street area.
Last year, Bank of Montreal (BMO) also announced its job cuts and shuffled its top management team.
According to Reuters, CIBC and BMO collectively reduced their headcount by over 1,000 positions, according to their financial disclosures.
As of July 2020, CIBC had 43,952 full-time employees, which is 2.5% less than at the end of January.
Similarly, BMO had 44,016 employees, which is 2.7% lower than at the end of January.
Moreover, the Vancouver -based full-service investment bank Canaccord Genuity Group also announced 11 departures in June 2020.
Earlier this month, Toronto-based investment dealer Eight Capital also let go 13 of its employees.
Recent job cuts
According to a report, Brazilian banking group Itau Unibanco fired at least 270 employees this month to cut costs.
Swedish consumer bank Handelsbanken decided to slash nearly 1,000 jobs and permanently close around 200 out of 380 branches in the country to save costs.
Last week, Ulster Bank decided to lay off 266 employees to cut costs as the Covid-19 pandemic affected its income.
Lloyds Bank decided to make 865 roles redundant to slash costs, as surge in bad loans amid the pandemic affected its income.
NatWest decided to slash nearly 500 retail banking jobs to cut costs in the wake of the pandemic.
British lender TSB decided to phase out cashier roles by next year, which could put hundreds of jobs at risk.