Canada's CIBC shakes up leadership ranks ahead of CEO transition
The bank named Christian Exshaw its group head of capital markets, home to its crucial investment banking arm. It also appointed Kevin Li as the U.S. region chief to boost its ranks in a key international market.
Hratch Panossian will be CIBC's head of personal and business banking, while Susan Rimmer will lead commercial banking and wealth management.
The appointments reflect the fifth largest Canadian bank's efforts to sharpen its strategic focus ahead of a leadership shift in November, when Culham will take over as CEO from veteran Victor Dodig, who is retiring.
Culham joined CIBC in Vancouver as an intern, participating in its graduate programs. He held senior banking roles in Europe and Asia before rejoining CIBC in 2008. He became the head of the capital markets unit in 2015.
Other changes at the company include the appointment of Christina Kramer as CIBC's chief administrative officer and Amy South as executive vice president of the CEO's office. Stephen Scholtz will also become the bank's global chief legal officer.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
24 minutes ago
- The Independent
Homeowner property repossessions in 47% annual jump but mortgage arrears falling
The number of homeowner properties being repossessed in the second quarter of this year jumped by 47% compared with the same period a year earlier, according to figures from a banking and finance industry body. The figure was also 10% higher compared with the previous three months. But UK Finance, which released the figures, said home repossessions remain significantly lower than long-term averages. Its figures show 1,340 homeowner-mortgaged properties were repossessed in the second quarter of 2025. Meanwhile, 790 buy-to-let mortgaged properties were repossessed in the second quarter, which was 2% lower than in the previous three months but 11% higher compared with a year earlier. In the aftermath of the 2008 financial crisis, a peak of 13,200 properties were repossessed in the first quarter of 2009. This included 12,000 owner-occupied and 1,200 buy-to-let properties. Charles Roe, director of mortgages at UK Finance, said: 'Arrears are continuing to fall across both homeowner and buy-to-let mortgages, reflecting resilience in the market. 'The proportion of mortgages in arrears also remains below long-term averages, even amid the current economic uncertainty. Lenders remain committed to helping customers manage their payments, and we urge anyone concerned to contact their lender early. ' Support is always available and exploring available options with your lender will not affect your credit score.' In the second quarter of 2025, 87,380 homeowner mortgages were in arrears of 2.5% or more of the outstanding balance. This was a 3% decrease compared with the previous quarter and 9% lower than a year earlier. Within this total, 29,840 homeowner mortgages were in the lightest arrears band – between 2.5% and 5% of the outstanding balance. This was down by 3% compared with the previous quarter and a 13% fall compared with a year earlier. The number of buy-to-let mortgages in arrears fell by 5% on a quarterly basis and by 17% annually, to 11,270 in the second quarter of this year. Of these, 4,100 buy-to-let mortgages were in the lightest arrears band, down 6% compared with the first quarter and a 28% fall compared with a year earlier. The overall proportion of mortgages in arrears remains low, at 1.00% of homeowner mortgages and 0.58% of buy-to-let mortgages, UK Finance said. It added that lenders will always seek to ensure customers remain in their homes and possession is only ever a last resort after other options have been explored with the customer.
The Independent
24 minutes ago
- The Independent
Air Canada prepares for complete shutdown of operations
Air Canada is preparing for a complete operational shutdown by the weekend, with flight cancellations beginning on Thursday and escalating through Friday, leading to a full cessation of services by Saturday. This action follows a 72-hour strike notice from the union representing approximately 10,000 Air Canada flight attendants, prompting the airline to issue a lockout notice. The ongoing contract dispute has reached an impasse, with the union citing what it calls flight attendants' 'poverty wages' and unpaid labour as key unresolved issues. Customers whose flights are cancelled will be notified and are eligible for a full refund, with Air Canada also arranging alternative travel options through other carriers. Business organisations have voiced significant concern over the potential strike's economic impact, particularly on the summer tourism season and Canadian small businesses, urging a swift resolution.
The Independent
2 hours ago
- The Independent
Lloyds becomes UK's first bank to introduce £300 rule from end of this month
Lloyds customers will soon be able to use a new app feature to deposit coins and banknotes into their account at the same time as dropping off a parcel or picking up a pint of milk in stores. The feature uses a barcode, enabling people to deposit up to £300 per day in notes and coins, up to a maximum of £600 a month. People will be able to pay money in at more than 30,000 locations which have PayPoint. Nick Wiles, chief executive of PayPoint, said the network 'provides a vast range of essential services at the heart of communities across the UK, for everything from banking, utility, parcel, cash and government services. 'The ability of Lloyds customers to make cash deposits into their accounts at over 30,000 PayPoint locations will deliver more convenience and access for customers close to where they live.' After showing the barcode, which will be scanned, and depositing the cash, the money will appear in accounts within minutes, Lloyds said. The feature will be available from August 26. Customers of Lloyds and its brands Bank of Scotland and Halifax will be able to access it through the 'everyday' area in their app, generating a barcode, which remains valid for two hours. Customers can also continue using any branch of Lloyds, Halifax or Bank of Scotland for their everyday banking, or pay in cash at more than 11,500 post offices, the bank said. Gabby Collins, payments director at Lloyds, said: 'Our latest app feature now allows customers to pay in cash at their local PayPoint in just a few minutes – ideal if they are popping in for milk or dropping off a parcel.'
