BUSINESS

CIBC cuts 500 jobs is past 2 weeks: Wall Street Journal report

01/29/2015 10:40 EST | Updated 03/31/2015 05:59 EDT
TORONTO - A published report says the Canadian Imperial Bank of Commerce (TSX:CM) has cut more than 500 jobs over the past two weeks.

The Wall Street Journal quoted an email from the bank as saying the reductions are part of "an overall alignment of resources."

The cuts at CIBC follow a string of other recent job losses in Canada.

About 350 employees lost their jobs at Tim Hortons this week in cuts focused mainly on the company's headquarters and regional offices.

Earlier this month, Target announced it was shuttering its Canadian store, putting more than 17,000 out of work.

Meanwhile, clothing retailer Mexx declared bankruptcy all of its stores, including 170 in Canada, while Sony plans to close its 14 remaining Canadian locations, a move that will affect 90 employees.

In December, CIBC reported fourth quarter net income of $811 million, down from $825 million.