A client-first approach
In banking, relationships matter more than ever. This lens shapes how we think about every interaction we
have with our clients and how we manage and invest in our bank.
In 2017 we continued to accelerate our transformation by executing on our integrated, bank-wide
priorities – focusing on our clients, innovating for the future and simplifying our bank. These priorities have
enabled us to invest in our business with the goal of further enhancing our relationships with our clients.
We have stayed close to our clients to understand what’s important to them and
how we can best serve them, regardless of whether that is saving for retirement,
running their small business or advising a client on an acquisition. We have also
been investing in our bank to ensure we are personally engaging with our clients
and providing the advice they need. A good example of this is the transformation of
a number of our banking centres. In 2017, we physically transformed more than 100
banking centres across Canada, creating a more modern, open concept that fosters
advice-based conversations with our clients.
We’ve continued to invest in our technology and digital platforms to meet and stay
ahead of the evolving needs of our clients. This includes our investments in online and
mobile banking to deliver industry-leading functionality, like our CIBC Global Money
Transfer capability that allows clients to send money to more than 50 countries
around the world, or being the first bank to offer the three leading mobile wallets. As
a result of the innovations we are delivering, we have been recognized with a number
of awards, like our recent ranking by Forrester as the leading mobile and online bank
for the past three years.
In addition, in August we also announced the launch of our new direct banking
brand, Simplii Financial™. Simplii provides straightforward, no-fee daily banking and
great rates for the growing number of Canadians who prefer to do their banking by
telephone, online or through a mobile device.
Our acquisition of The PrivateBank was also critical to our ability to deepen client
relationships and build a strong cross-border platform that will diversify our business
over time. Increasingly, our clients are doing business on both sides of the border and
reinforcing our U.S. platform is key in our ability to serve and grow with our clients.
Our integration is well underway, with our U.S. Commercial Banking and Wealth
Management business assuming the CIBC name and unifying our brand globally.
We also acquired Geneva Advisors, complementing our existing private wealth
management capabilities. Together with our commercial banking, wealth management
and capital markets businesses, we will continue to grow our service offering and
reinforce our presence in the U.S. as we go forward.
Looking to the future
In 2017, we made two additional announcements aimed at setting CIBC up for the
future. First, we announced senior leadership changes to better enable the execution
of our strategy and to develop our next generation of senior executives.
More than 40 leaders across the bank changed responsibilities with the goal of cross-pollinating
ideas and further strengthening our team. Second, we announced our
new global headquarters at CIBC Square, which will be home to 15,000 members
of our team. This new urban campus will provide a modern, flexible workplace that
fosters collaboration, community and teamwork. At CIBC Square, our team will feel
empowered and enabled to perform at their best, and deliver the full power of our
bank to our clients.
Stepping back to look at our journey since I took on the leadership of CIBC, I’m very
proud of how we have evolved our culture, re-focused on our clients and enhanced
shareholder value. We are well positioned to deliver growth for our shareholders by
executing our strategy to build a relationship-focused bank.
Finally, thank you to our clients for entrusting CIBC with your business. We will
continue to work hard to earn your business every day as we go forward. And thank
you to our shareholders for your continued support. We will work to continue to
create shareholder value. To our CIBC team members, you are our greatest strength
and your passion for helping our clients and communities grow and prosper inspires
me every day. Thank you for your dedication.
Victor G. Dodig
Chief Executive Officer
View Executive Team