CIBC Cuts Jobs, Shuffles Executives in Cost-Control Mission (2)

Canadian Imperial Bank of Commerce shuffled its top management ranks, cut jobs and took a restructuring charge as Chief Executive Officer Victor Dodig works to control costs.

Canada’s fifth-largest lender by assets recorded a C$339 million ($255 million) charge in its fiscal first quarter to cover severance from staff reductions, as the pace of expense growth accelerated for a sixth straight quarter. CIBC also named new managers including the head of its largest division, Canadian personal and business banking, where the main product line -- mortgages -- lagged behind rivals in the past year.

The moves are part of Dodig’s ...