(April 18 – 16:30 ET) – The Canadian Imperial Bank of Commerce is finally going to clear up the confusion surrounding the name of its full-service brokerage division. It will become known as CIBC Wood Gundy.
Ever since CIBC came up with the generic “World Markets” moniker for the brokerage subsidiary there has been widespread confusion about just what to call the retail side of the firm.
While brokers in Toronto seemed to adopt the World Markets name, those outside the city continued to call themselves Wood Gundy.
The firm’s logo and colours will be brought in line with those of the bank’s brand to “reflect our membership in the CIBC Group of Companies”. Although it notes “our new identity also preserves the Wood Gundy name”.
CIBC Wood Gundy is a division of the brokerage CIBC World Markets Inc., which is in turn owned by CIBC and belongs to the Investment Dealers Association. Two other bank divisions, CIBC Financial Planning Inc. and CIBC Investor Services Inc., are also IDA members in their own right.
-IE Staff