CIBC Downsizes FX Operation With Cuts In Asia, UK, Canada
BANKS
TORONTO--Canadian Imperial Bank of Commerce (CIBC) has downsized its global foreign exchange division, reducing operations in Asia, the UK and Canada.
The move is related to a wider restructuring of its investment banking unit, CIBC World Markets, which involves the loss of around 500 staff worldwide, say officials. One source says the bank may have let as many as 150 staff go from Asian offices.
In FX, an official says the bank has let go of some 14 people globally, drawn equally from sales and
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