The Canadian Imperial Bank of Commerce reported a drop in first\u002Dquarter profit as it set aside provisions to settle a lawsuit. Read more
The bank reported net income of $432 million, down 77 per cent from $1.87 billion, or $2.01 per share, a year ago.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way.
In the United States, CIBC’s banking and wealth management’s profit slipped by $25 million to $201 million as expenses and provisions for credit losses mounted. Last year, the bank had been making ain hopes of a double-digit boost to the unit’s revenue over the next few years.
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