CIBC Stock Price, News & Analysis

CIBC US has been named Corporate Partner of the Year by The Housing Partnership for its dedication to affordable housing. This recognition, awarded for the second time, highlights CIBC's commitment to providing homebuyer education, counseling, and down payment assistance to low- and moderate-income families.

Through its partnership, CIBC has significantly impacted many families by offering essential resources to navigate the homebuying process, including critical home improvement products and services.

Steve Bahru, a senior community lender at CIBC, has been instrumental in this success, conducting financial literacy and homebuyer seminars for over a decade.

This award underscores CIBC's mission to ensure everyone has a secure place to call home.

CIBC US has been honored with the Urban League Corporate Partner of the Year award for its dedication to supporting entrepreneurs in St. Louis. The award recognizes CIBC's collaboration with the Urban League of Metropolitan St. Louis, Inc. Women's Business Center, a partnership that began in 2018. CIBC has provided financial support and educational programs, such as the 'Ready, Set, Launch' training initiative, to empower over 1,000 small business owners, particularly female entrepreneurs. Amy Yuhn, Head of US Personal and Community Development Banking at CIBC, emphasized the importance of enabling small businesses to grow and succeed. CIBC serves 14 million clients globally and offers a range of banking and wealth management services in the US and Canada.

CIBC announced an amendment to its CARDS II securitization program, allowing revenue from Mastercard credit card accounts to be included in addition to Visa credit card accounts. This change offers more flexibility to the program and enhances diversification. The securities issued by CARDS II Trust have not been registered under the U.S. Securities Act of 1933. CIBC is a prominent North American financial institution serving millions of clients across various sectors.

CIBC (TSX: CM, NYSE: CM) announced a settlement with Cerberus Capital Management for US$770 million, resolving a previously disclosed lawsuit. This settlement satisfies a New York Court judgment and involves the dismissal of all related claims and counterclaims. CIBC previously recorded a CAD$1,169 million pre-tax provision in Q1 2023 results, covering damages and interest amounting to US$855 million as of January 31, 2023. The remaining US$85 million difference will be reported in the second quarter results. The resolution eliminates ongoing litigation costs and distractions for CIBC.