CIBC World Markets Inc. Profile
CIBC World Markets is an investment banking company that acts as a subsidiary of the Canadian Imperial Bank of Commerce, or CIBC. The company can trace its history back to 1905, when the precursor to the company, known then as Wood, Gundy & Co., was opened in Toronto. CIBC acquired the company back in 1988, purchasing a majority stake for just above $200 million Canadian dollars. At the time of its acquisition, the company was a leading Canadian investment dealer and, post-acquisition, the company would be renamed CIBC Wood Gundy, which would serve as an asset management company mainly for corporate and institutional clients. Through the 1990s, CIBC Wood Gundy would expand through acquisitions including the Argosy Group in 1995, expanding the company into the US investment banking market, and Oppenheimer & Co. in 1997, integrating its network of 680 brokers into its business and renaming itself CIBC Oppenheimer. Two years later, the company would decide to rename itself to its current CIBC World Markets. CIBC World Markets now provides its services mainly in North America and the United Kingdom, although it has a limited presence in other locations, and is based out of New York. The company acts directly under CIBC USA Holdings, which is a holding company acting under the CIBC, and is widely known as the wholesale banking arm of the CIBC. CIBC World Markets offers a variety of services and products to its clients, including advisory, equity, debt and credit, fixed income, and foreign exchange products and solutions. The company currently has over 1300 employees and over C$345 in total assets under management and is a leader in the Canadian M&A advisory, debt and equity financing, credit products, trading, hedging and research industries. The CIBC is ranked as the strongest major bank in North America, and CIBC World Markets itself works on an international level and provides services through its capital markets, corporate banking, and investment banking business groups.