CIBC World Markets

Infobox Company
company_name = CIBC World Markets
company_
company_type = Division of CIBC, a Public company
foundation = Toronto, Ontario, Canada , 1867
location = flagicon|Canada|size=20px Toronto, Ontario, Canada
key_people = Richard Nesbitt, CEO of World Markets
industry = Bank
products = Financial services
revenue =profit 12.1 billion CAD (2007)
net_income =profit 3.3 billion CAD (2007)
assets = 342.2 billion CAD (2007)
num_employees = 40,457
homepage = http://www.cibcwm.com/

CIBC World Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm competes as an investment bank both in the domestic and international equity and debt capital markets. Established via an acquisition of Wood, Gundy and Company ; it acquired its current name several years after acquiring U.S.-based Oppenheimer & Co. and selling the latters trademark to Fahnestock in 2003. Prior to that, the company operated in Canada as CIBC Wood Gundy, and in the U.S., U.K., Israel and Hong Kong as CIBC Oppenheimer.

History

CIBC Wood Gundy

CIBC acquired Wood, Gundy and Co. in 1988 for $110 million (Canadian), or $86 million (United States). Wood Gundy was established in Toronto in 1905 by George Herbert Wood and James Henry Gundy. In 1990, they continued to expanded the Canadian securities business by acquiring much of Merrill Lynch & Company's Canadian business.

CIBC Eyers Reed

CIBC Wood Gundy operated as CIBC Eyers Reed in Australia following the acquisition of the broker-dealer.

CIBC Oppenheimer

In 1997, CIBC Wood Gundy (New York) under the direction of Michael S. Rulle acquired the U.S. brokerage house Oppenheimer & Co.. After the acquisition the U.S. division took the name CIBC Oppenheimer.

ale of Retail Division

In 2003 CIBC sold an asset management division along with retail brokerage to Fahnestock Viner along with the Oppenheimer & Co. name. Upon doing so CIBC Wood Gundy (in Canada) and CIBC Oppenheimer (in US) became jointly known as CIBC World Markets. The Wood Gundy nomenclature lives on today as the retail brokerage division of CIBC World Markets Inc., however only operates in Canada; the U.S. operation lacking a retail arm.

ale to Oppenheimer & Co. (Fahnestock Viner)

In November 2007, the "new" Oppenheimer & Co. (Fahnestock) announced that it would purchase a major part of CIBC World Markets' U.S. Investment Banking, Corporate Syndicate, Institutional Sales and Trading, Equity Research, Options Trading and a portion of the Debt Capital Markets business which includes Convertible Bond Trading, Loan Syndication, High Yield Origination and Trading as well as related operations located in the U.K., Israel and Hong Kong. The deal closed January 14, 2008 and essentially reunited the original Oppenheimer & Co. which CIBC divided in the sale to Fahnestock.

Structure

*Investment Banking
**Industry Expertise
**Product Expertise
**Merchant Banking
*Capital Markets
**Equities
**Commodities
**Fixed Income
**Foreign Exchange
**Money Market
**Securitization

Major locations

*Canada
**Toronto, Ontario
**Calgary, Alberta
**Montreal, Quebec
**Vancouver, BC
**Ottawa, Ontario

*United States
**Atlanta, Georgia
**Boston, Massachusetts
**Chicago, Illinois
**Houston, Texas
**New York, New York
**Salt Lake City, Utah

*Europe
**London, UK
**Dublin, Ireland

*Asia
**Beijing, China
**Hong Kong, PRC
**Tokyo, Japan
**Shanghai, China
**Singapore

*Australia
**Sydney, Australia

Executive

On February 29, 2008, CIBC World Markets Chairman and Chief Executive Officer Brian Shaw was replaced in both capacities by Richard Nesbitt, a former TSX Group CEO. [ [http://www.reportonbusiness.com/servlet/story/RTGAM.20080107.wnesbitt0107/BNStory/robNews/home The Globe and Mail, Report on Business, by Virginia Galt and Tara Perkins – January 7, 2008 at 10:44 AM EST – Subprime woes lead to shakeup at CIBC] ] [ [http://www.cibcwm.com/wm/company-information/executive-bios/nesbitt.html CIBC World Markets Executive Biographies - Richard Nesbitt] ]

Notable current and former employees

Business

*Henry Blodget, equity research analyst.
*Meredith Whitney, equity research analyst.
*Guy Adami, equity trader.

See also

*Oppenheimer & Co.
*Wood Gundy Inc.

References