Canadian Imperial Bank of Commerce (CM.TO) could make more wealth-management acquisitions as it seeks to offset the impact of slower loan growth and low interest rates, the bank's chief executive said on Wednesday. Speaking in Montreal, CEO Gerry McCaughey also said the bank is still targeting C$3 billion ($3 billion) in annual profit from its retail and wealth-management arms by 2013. "The target is still intact, however, the mix has shifted (towards wealth management)," he said. CIBC said last year it was aiming for C$3 billion profit in 2013 from its retail and wealth management businesses, which together earned C$2.2 billion in fiscal 2010.
Shares of CM fell by 1.34% or $-1.015/share to $74.84. In the past year, the shares have traded as low as $67.85 and as high as $88.76. On average, 314464 shares of CM exchange hands on a given day and today's volume is recorded at 141046.
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