CIBC World Markets chief departs

Date: Thursday, February 5, 2004

The head of Canadian Imperial Bank of Commerce's investment banking arm abruptly stepped down and was replaced yesterday, just days after a former executive at the unit was charged with helping hedge funds make illegal mutual funds trades. The bank said CIBC World Markets chief executive David Kassie had left CIBC "to focus on other interests". He is replaced by Gerry McCaughey, the bank's vice-chair of wealth management, a title that he will retain.