Canadian Imperial Bank of Commerce, the country’s fifth-largest lender, said Chief Operating Officer Richard Nesbitt will retire in October 2015.
Canadian Imperial Bank of Commerce ’s management changes underscore a focus on consumer lending to boost revenue, said Richard Nesbitt , the head of investment banking.
Canadian Imperial Bank of Commerce, the country’s fifth-biggest bank, aims to revive profit from Caribbean banking after being “hit hard” from recessions in the U.S. and U.K., said executive Richard Nesbitt, who oversees the business.
Canadian Imperial Bank of Commerce is unlikely to make a U.S. bank acquisition because potential deals wouldn’t generate enough profit, Senior Executive Vice President Richard Nesbitt said.
Canadian Imperial Bank of Commerce senior executives Sonia Baxendale and Richard Nesbitt will be adding new responsibilities as Ron Lalonde retires as head of technology and operations.
Gerald McCaughey, who cut risk as head of Canadian Imperial Bank of Commerce after costly missteps in the 2000s, plans to retire in two years.
"Unfortunately, it's going to take us longer because the economic environment has not started to improve like we felt it would."
- Richard Nesbitt on Jul 23, 2014