Strategic Thinking at CIBC

Paper Summary:

This paper provides an overview of the Canadian Imperial Bank of Commerce (CIBC), an examination of its strategic business units, performance measures and results, followed by selected examples of strategic thinking in action at CIBC today. It analyzes how, based on a series of strategic mergers and divestitures, combined with a commitment to its employees and shareholders, CIBC has positioned itself to take advantage of the opportunities being developed through improved telecommunications and e-commerce business models for banks based on a steady eye on the competition and a thorough understanding of the banking environment today and in the future.

From the Paper:

"The strategists at CIBC have developed a good feel for what challenges are facing the industry today, and have taken aggressive steps to position the bank to minimize the risks and maximize the opportunities these challenges present. For example, in his "Message to the Shareholders" from the 2001 CIBC Annual Report, John Hunkin, Chairman and Chief Executive Officer at CIBC, said, "Faced with the dramatic economic and social challenges of the past year, our strategy proved its worth. In 2001, we once again delivered the best total return to shareholders of any major Canadian bank." Hunkin added that CIBC's operating earnings for the year were $2.1 billion (or $5.03 per share); reported earnings of $1.7 billion (or $4.07 per share), were the second highest in the bank's 134-year history."

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