02/21/2020 10:58 EST

CIBC To Slash 2,000 Jobs Amid Corporate Restructuring: Report

Canada's fifth-largest bank previously hinted at cost-cutting moves.

Chris Wattie/REUTERS
A CIBC branch is seen here in Ottawa in February 2019. Last month, the bank's CEO said it needed to challenge itself to be "more efficient."

The Canadian Imperial Bank of Commerce (CIBC) is expected to make changes to its senior executive ranks and announce about 2,000 job cuts when it reports first-quarter earnings next week, the Globe and Mail reported on Friday.

CIBC plans to move Christina Kramer, the head of personal and small-business banking, to a new role as head of technology and operations, while current chief risk officer, Laura Dottori-Attanasio, will take Kramer’s place at the helm of the retail banking division, the newspaper reported, citing sources familiar with the matter.

Victor Dodig, chief executive officer of Canada’s fifth-largest bank, told staff late last month that CIBC needs to challenge itself to be “a more efficient bank by focusing on continuous improvement and keeping a careful eye on costs.”

In January, Dodig revealed some employees would be leaving the bank in the coming months as it continues to cut costs and improve its efficiency, The Canadian Press reported.

Controlling costs is particularly vital for CIBC, which already expects expenses to grow at four to five per cent this year, double the pace of its rivals.

CIBC did not immediately respond to a Reuters request for comment.

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