(October 7 – 15:00 ET) – The
Financial Post is reporting
that the Canadian Imperial Bank
of Commerce is dumping its life
and emergency travel insurance business.
A cutback in CIBC’s insurance
business has been rumoured for
some time – ever since incoming
chief executive, John Hunkin,
pledged to cut $500 million in
annual expenses back in the spring.
The bank has yet to formally
announce any cuts, or confirm the
cuts, but the Post reports that
250 to 300 people will be layed
off in those businesses.
The bank will instead
concentrate on its core home and
auto insurance lines, and the
business of selling life insurance
against mortgages. The Post says
that CIBC will not sell any new
life policies, but will honour
its existing policies. And it
will still sell travel insurance
in the branch, but it won’t
manufacture the policies.
-IE Staff
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