Quarterly profit at Canadian Imperial Bank of Commerce fell by nearly two-thirds due to a charge taken by its Caribbean unit, the bank said on Thursday, but the result topped analysts' estimates and CIBC's chief executive signaled a willingness to pay more for acquisitions.CEO Gerry McCaughey has targeted wealth management as a business he'd like to expand, and said last year he'd entertain deals in the billion-dollar range.Speaking on a conference call on Thursday, McCaughey suggested he now might be willing to pay more."I'd be inclined to go bigger if we got something that was a strategic fit," he said, adding that CIBC, Canada's fifth largest bank, would likely issue equity to help cover any transaction in the billion-plus range.
Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. Shares of CM fell by 1.58% or $-1.435/share to $89.66. In the past year, the shares have traded as low as $69.92 and as high as $91.83. On average, 149513 shares of CM exchange hands on a given day and today's volume is recorded at 151091.
Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. Shares of CM fell by 1.85% or $-1.83/share to $97.21. In the past year, the shares have traded as low as $73.89 and as high as $99.72. On average, 872282 shares of CM.TO exchange hands on a given day and today's volume is recorded at 611652.
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