CIBC cut 500 jobs over past two weeks: report
Posted January 29, 2015 8:00 pm.
This article is more than 5 years old.
TORONTO (NEWS1130) – A published report says the Canadian Imperial Bank of Commerce (TSX:CM) has cut more than 500 jobs over the past two weeks.
The Wall Street Journal quoted an email from the bank as saying the reductions are part of “an overall alignment of resources.”
The cuts at CIBC follow a string of other recent job losses in Canada.
About 350 employees lost their jobs at Tim Hortons this week in cuts focused mainly on the company’s headquarters and regional offices.
Earlier this month, Target announced it was shuttering its Canadian store, putting more than 17,000 out of work.
Meanwhile, clothing retailer Mexx declared bankruptcy all of its stores, including 170 in Canada, while Sony plans to close its 14 remaining Canadian locations, a move that will affect 90 employees.