(October 16 -16:30 ET) – The Wall Street Letter is reporting that CIBC Oppenheimer is cutting back its analyst coverage in sectors where it isn’t winning enough investment banking business.
The newsletter says the firm has dropped analysts covering oils, entertainment, and business services, after an internal review found the firm wasn’t earning enough from those sectors to justify coverage. It says the firm is concentrating its attention on health care, technology and telecommunications.
The report says at least three analysts have been dropped: Bruce Lanni, integrated oils; Sharon Williams, entertainment; and David Kerdell, business services. WSL cites an unnamed insider as revealing that as many as six senior analysts have been released, along with several associate analysts. Neither the analysts named by the newsletter nor CIBC have commented on the report.
This report comes hard on the heels of another unconfirmed report that CIBC is looking to sell its retail business in the United States.
-IE Staff