WEST PALM BEACH, FL (HEDGECO.NET) – The Chief Executive Officer of Canadian Imperial Bank�s investment subsidiary, David Kassie abruptly resigned; just days after a former executive at the unit wascharged with helping hedge funds make illegal mutual funds trades. Statements released by CIBC said Kassie left to pursue other interests. Mr. Gerry McCaughey, the vice�chair of wealth management,will be assuming Kassie�s post. Mr. McCaughey joined Merrill Lynch in 1981 as an account executive, and became vice-chair of wealth management at CIBC in 2002.
Few days ago, Paul Flynn, an executive of CIBC World Markets was charged by the New York State Attorney General Eliot Spitzer of illegally helping mutual funds in the illegal late trading scandals. More than 20 other firms have been charged in the scandals, which do not seem to have an end.
John Hunkin, CIBC Chief Executive described Mr. Kassie as “a superb investment and merchant banker who had led CIBC World Markets to pre-eminence in Canada. I am sure he will find success in whatever endeavor he chooses to pursue and, on behalf of CIBC, I wish him all the best,” CIBC has had quite a few problems recently. The bank recently agreed to pay US regulators $80 million to settle the charges that it helped bankrupt Enron Corp. to inflate its earnings over three year duration.
CIBC is one of the leading North American financial institutions with three strategic business units: CIBC Retail Markets, CIBC Wealth Management, and CIBC World Markets. According to company statements CIBC has more than nine million personal banking and business customers and offers a full range of products and services through its comprehensive electronic banking network and at branches and offices across Canada, the United States and around the world. At the end of fiscal 2002 (October 31, 2002), CIBC had total assets of $273.3 billion.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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