Across all segments of the industry, advisor and management shifts are taking place
The rating agency cited "persistently high debt levels"
Revenues were generally strong but earnings differed based on loan-loss reserves, Fitch said
The bank's wealth management arm earned $169 million in the quarter, up 3% from a year ago
Across the industry, there were retirement announcements and an advisor move
CIBC's Canadian commercial banking and wealth management business earned $480 million for the quarter
Net income for the bank's wealth management division increased to $750 million compared with $683 million a year ago
Assets under management in Canadian retail were $411 billion as of April 30, up from $397 billion at the end of Q2 2021
Naveed Irshad will succeed Michael Doughty
Wealth management income was down in the quarter