CIBC Releases Revised Supplementary Financial Information
February 12 2016 - 8:00AM
PR Newswire (Canada)
TORONTO, Feb. 12, 2016 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) released today an abridged Supplementary Financial
Information package for the period ending October 31, 2015, reflecting a number of
changes that will be adopted beginning in the first quarter of
2016.
While these changes impact the results of our strategic business
units (SBUs), there is no impact on consolidated net income. The
changes are as follows:
- Redefinition of client segmentation within the corporate
and investment banking and business banking lines of business
within Capital Markets and Retail and Business Banking,
respectively. This resulted in the transfer of client accounts
between these lines of business. These changes reinforce our
client-focused strategy, and result in a greater degree of industry
specialization and expertise, while providing enhanced client
coverage.
- The transfer pricing methodology used by treasury to
charge and credit the SBUs for the cost and benefit of funding
assets and liabilities, respectively, was enhanced to better align
to our liquidity risk models.
- Within Capital Markets, equity and debt underwriting
revenue, previously shared between the global markets and corporate
and investment banking lines of business, is now reported entirely
within the corporate and investment banking line of business.
- Within Wealth Management, the wealth advisory services
business previously reported in the asset management line of
business was transferred to the retail brokerage line of business.
In addition, an "other" line of business was established to include
the results of American Century Investments, previously reported in
the asset management line of business.
The affected pages of the Supplementary Financial Information
are available for download at
https://www.cibc.com/ca/investor-relations/quarterly-results.html.
About CIBC
CIBC is a leading Canadian-based global financial institution
with 11 million personal banking and business clients. Through our
three major business units - Retail and Business Banking, Wealth
Management and Capital Markets - CIBC offers a full range of
products and services through its comprehensive electronic banking
network, branches and offices across Canada with offices in the United States and around the world. You
can find other news releases and information about CIBC in our
Media Centre on our corporate website at
www.cibc.com/ca/media-centre/.
SOURCE CIBC - Investor Relations
Copyright 2016 Canada NewsWire
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