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CIBC reorganizes top ranks

CIBC announced a number of changes in personnel on Monday, with the head of the bank’s retail markets division, Sonia Baxendale, stepping down.

Other changes include Richard Nesbitt taking the lead at the bank’s Wholesale, International and Technology and Operations. Nesbitt is currently the head of the bank’s capital markets division.

David Williamson has been named Senior Executive Vice President and Group Head of Retail and Business Banking.

Kevin Glass has been named Senior Executive Vice President and Chief Financial Officer, replacing David Williamson.

Victor Dodig has been named Senior Executive Vice President and Group Head of the bank’s Wealth Management division.

John Aiken, an analyst Barclays Capital, said in a note that while the announcement is a surprise, it won’t sidetrack the company from achieving its 2013 earnings target of $3 billion.

“While we think many investors believe that the legacy of its past remains an overhang for CIBC, we believe that this changing of the guard reflects a new organization that is moving away from risk and embracing its core, domestic franchises,” he added.

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