CIBC Wood Gundy

This article is about the division of CIBC World Markets. For the former investment banking and brokerage firm, see Wood Gundy.
CIBC Wood Gundy
Subsidiary
Industry Financial services
Predecessor Wood Gundy
Founded 1988
Headquarters Toronto, Ontario, Canada
Products Brokerage
Number of employees
 1,400
Parent Canadian Imperial Bank of Commerce
Website www.woodgundy.com

CIBC Wood Gundy is the Canadian retail brokerage division of CIBC Wealth Management, a division of the Canadian Imperial Bank of Commerce.

CIBC Wood Gundy maintains a network of 1,400 brokers working in over 100 branches across Canada. The company’s products include stocks, bonds, registered accounts, money market instruments and mutual funds It also offers insurance as well as retirement, estate, and financial planning; investment advice and money management services.

The business was created in 1988 with the purchase of Wood Gundy by the Canadian Imperial Bank of Commerce (CIBC). From 1988 through 1997, CIBC Wood Gundy was the universal name of CIBC's investment banking operations. However, the business was renamed after the acquisition of the investment banking operations of Oppenheimer & Co. in 1997. The business was subsequently renamed CIBC Oppenheimer and later CIBC World Markets.

History

Main article: Wood Gundy

Wood, Gundy & Company was established in Toronto, Ontario in 1905 by George Herbert Wood and James Henry Gundy. The firm first specialized in the distribution and underwriting of government and municipal bonds.

CIBC Wood Gundy (1988–1997)

CIBC purchased a majority stake in Wood, Gundy & Co. in June 1988 for C$203 million.[1] At the time of its acquisition, Wood Gundy was the leading Canadian investment dealer. Following the acquisition, CIBC formed CIBC Wood Gundy, which offered primarily asset management services for corporate and institutional clients. Two years later, in 1990, they continued to expand the Canadian securities business by acquiring much of Merrill Lynch & Company's Canadian business.

In 1997, CIBC Wood Gundy acquired the U.S. brokerage house Oppenheimer & Co.. After the acquisition the U.S. division took the name CIBC Oppenheimer, eliminating the use of the Wood Gundy brand through much of the bank. The brand was retained for CIBC's retail brokerage operations.[2]

In December 2001, CIBC acquired the retail brokerage business of Merrill Lynch, Merrill Lynch Canada, for an estimated $409 million. The acquisition of Merrill Lynch Canada, which it subsequently merged with its CIBC Wood Gundy business, greatly increased CIBC's own brokerage network, adding more than 1,000 brokers across Canada.[3]

See also

References

  1. ↑ Canadian Imperial Bank of Commerce Profile
  2. ↑ Canada's Banks Cross the Border to Grow. New York Times, November 15, 2000
  3. ↑ Canadian Imperial Bank Buys Merrill Unit. New York Times, December 31, 2001

External links


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