Canadian Imperial Bank of Commerce (CM)

Canadian Imperial Bank of Commerce, which trades as CIBC, is a Canadian bank with a commercial and wealth business in the United States alongside it. It is governed by the Bank Act, which constitutes its charter, and was formed through the amalgamation of The Canadian Bank of Commerce and Imperial Bank of Canada in 1961. The older of those two was incorporated as Bank of Canada by special act of the legislature of the Province of Canada in 1858 and opened as The Canadian Bank of Commerce in 1867, while Imperial Bank of Canada was incorporated by special act of the Parliament of Canada in 1875. The registered and head office is at 81 Bay Street, CIBC SQUARE, in Toronto, the financial year ends in October, and all amounts are expressed in Canadian dollars.

Four business units

Clients are served through four main strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. At the end of October 2025 the bank had 49,824 full-time equivalent employees, against 48,525 a year earlier. Client assets under administration stood at $3,998,199 million and assets under management at $430,982 million, both up on the prior year; those are client money rather than the bank's own.

Canadian retail

Canadian Personal and Business Banking provides financial solutions, services and advice to clients across Canada through team members in banking centres and contact centres and through the mobile and online banking platforms. Simplii Financial is the direct banking business, realigned into this unit from the former Capital Markets and Direct Financial Services reporting; the filing reports it ranked first among no fee chequing account providers in Canada by both total balances and number of accounts, according to an outside deposit report.

Canadian commercial and wealth

Canadian Commercial Banking and Wealth Management provides relationship-oriented banking and wealth management to middle-market companies, entrepreneurs, high-net-worth individuals and families across Canada. The offering also takes in an online brokerage platform for retail clients and asset management services for institutional investors. Investor's Edge, the direct investing business, was realigned into this unit.

The US business

U.S. Commercial Banking and Wealth Management provides relationship-oriented banking and wealth management across the United States, focused on middle-market and mid-corporate companies, entrepreneurs, high-net-worth individuals and families. It also runs private and small business banking services in what the filing calls strategic markets across the U.S.

Capital Markets and the targets

Capital Markets provides integrated global markets products and services, investment banking and corporate banking solutions, and research, and it delivers multi-currency payments and other solutions to clients elsewhere in the bank. The stated through-the-cycle targets, which the bank defines as three to five years in a normal business and credit environment, are adjusted diluted earnings per share growth of 7% to 10%, positive adjusted operating leverage, adjusted return on equity of 15% or better, and an adjusted dividend payout ratio of 40% to 50%. It also states an objective of total shareholder return above the industry average, which it defines as the S&P/TSX Composite Banks Index, over rolling three and five year periods. On the balance sheet the stated aim is to keep a buffer above regulatory requirements, and the Liquidity Coverage Ratio standard requires the ratio to stay at 100% or above absent financial stress.

From CIBC's annual report on Form 40-F for the year ended 31 October 2025. The business and the discussion are attached to that filing as exhibits, the Annual Information Form and the Management's Discussion and Analysis, each read as a whole document rather than from a separately located section. The filing