Canadian Bank Reorganises Wealth Management Unit, Hires New Head

Contributing Editor

12 April 2005

CIBC, the Toronto-based bank, plans to combine its high-end wealth management unit with it retail banking business and change its top management. The expanded retail markets division will be led by Sonia Baxendale as senior executive vice-president, retail markets. Ms Baxendale, who joined CIBC in 1992, was formerly senior executive vice-president of CIBC Wealth Management. Victor Dodig, former chief executive of UBS Global Asset Management for Canada, becomes executive vice-president, wealth management, in charge of Wood Gundy's private client and online brokerage divisions, TAL Global Asset Management and CIBC's asset management businesses. The bank also said that Jill Denham, vice-chair of retail markets, “is leaving CIBC to pursue other interests.”