In the wake of the World Trade Center tragedy, CIBC, on behalf of all employees of CIBC based in New York, will donate US$100,000 to the American Red Cross to assist victims and support staff during this dire time of need.

In addition, all CIBC Canadian retail banking branches will join other banks in accepting donations from employees, customers and the general public to support relief efforts channeled through the Canadian Red Cross.

“This tragic event has affected us all deeply and directly — especially our own CIBC employees in New York — and I am encouraging everyone to contribute to the cause of the relief effort,” John Hunkin, chairman and CEO, CIBC said in a news release.

“Relief workers and support staff, especially grief counsellors and trauma specialists, will need our financial assistance to help ease the pain and suffering inflicted upon innocent victims, including our own CIBC people, during this unprecedented disaster,” he added.

Canadian-based CIBC employees are also encouraged to contribute to the Canadian Blood Services blood donation efforts. “At minimum, we ask employees of CIBC to register with Canadian Blood Services (1-888-2DONATE) to donate at a later date when the need is expected to remain high,” stated Hunkin.

David Kassie, chief executive officer of CIBC World Markets, admitted late yesterday that it has not yet assured the safety of all its New York employees.

“None of us can fail to have been touched by what has happened. Our thoughts and deepest sympathies go out to the families and friends of the victims of this terrible tragedy,” said Kassie. “To the best of our knowledge, no CIBC employees lost their lives and only a handful sustained injuries — none of which are life-threatening. We have not, however, yet been able to contact all of our employees and we are currently making every effort to complete that process.”

Some of CIBC’s New York operations were located at One World Financial Center, several hundred feet from the World Trade Center. The bank said these offices, housing approximately 2,000 employees, were successfully evacuated prior to the collapse of the towers. The facility will remain closed until further notice.

The bank said CIBC has a business recovery plan, which entails the relocation of critical activities to the CIBC 425 Lexington Avenue location in mid-town Manhattan, as well as to other sites in the United States and in Canada. Flags at all CIBC locations world-wide remain at half-staff out of respect to the victims of the tragedy.