CIBC World Markets
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CIBC World Markets | |
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Type | Division of CIBC, a Public company |
Founded | Toronto, Ontario, Canada , 1867 |
Headquarters | Toronto, Ontario |
Key people | Richard Nesbitt - CEO of World Markets |
Industry | Bank |
Products | Financial services |
Revenue | ▲ 12.1 billion CAD (2007) |
Net income | ▲ 3.3 billion CAD (2007) |
Total assets | 342.2 billion CAD (2007) |
Employees | 40,457 |
Website | http://www.cibcwm.com/ |
CIBC World Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce (TSX: CM NYSE: CM). 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 acquring 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.
Contents |
[edit] History
[edit] 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.
[edit] CIBC Eyers Reed
CIBC Wood Gundy operated as CIBC Eyers Reed in Australia following the acquisition of the broker-dealer.
[edit] 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 the acquistion the U.S. division took the name CIBC Oppenheimer.
[edit] Sale 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.
[edit] Sale 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.
[edit] Structure
- Investment Banking
- Industry Expertise
- Product Expertise
- Merchant Banking
- Capital Markets
- Equities
- Commodities
- Fixed Income
- Foreign Exchange
- Money Market
- Securitization
[edit] Major locations
- United States
- Europe
- Australia
[edit] 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. [1] [2]
[edit] Notable current and former employees
[edit] Business
- Henry Blodget - Equity Research analyst
- Meredith Whitney - Equity Research analyst
- Guy Adami - Equity Trader
[edit] See also
[edit] References
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Canadian Imperial Bank of Commerce | |
Chief Executive Officer: Gerald T. McCaughey | FY 2006 Statistics: Net income: $2.64 billion CAD (▲91%) | Market capitalization: $29.4 billion CAD | Assets: $303.98 billion CAD | Employees: 37,000 | Stock symbols: TSX: CM NYSE: CM | Website: www.cibc.com |
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Major brands by financial service | |
Master: CIBC | Financial group: CIBC | Canadian banking: CIBC | International banking: CIBC Private Wealth Management | Canadian mutual funds: CIBC Mutual Funds | Canadian brokerage: CIBC Investor's Edge and CIBC Wood Gundy | Canadian insurance: CIBC Insurance | Capital markets: CIBC World Markets | Custodial: CIBC Mellon |