UpInArms
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Oct-19-05 10:26 AM
Response to Original message |
64. CIBC closes U.S. municipal bond desk |
|
http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-10-19T152023Z_01_N19431188_RTRIDST_0_FINANCIAL-CIBC.XMLTORONTO, Oct 19 (Reuters) - Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research) has shut its New York-based municipal bond desk and laid off about 20 brokers and traders, saying on Wednesday it was not a core operation for the bank.
"It was really a business that wasn't key to our operations," said CIBC spokeswoman Susan McDougall. "It contributed a very small percentage of revenue."
McDougall said the closure had nothing to do with the bank's trimming-down of its U.S. brokerage operations in recent years.
...more...
|