The Globe and Mail reports in its Thursday, Feb. 9, edition that Canadian Imperial Bank of Commerce has added a new mining banker to its fold, as banks hustle for work amid the commodities downturn.
The Globe's Rachelle Younglai writes that David Shaver joined CIBC in November and reports to Chris Gratias, the bank's head of global mining investment banking.
Mr. Shaver previously worked at Royal Bank of Canada as the bank's mining group managing director. He lost his job when Royal Bank shuffled its investment banking group.
Mining M&A activity has slowed considerably since the metals boom. The Globe reports that CIBC declined to comment on Mr. Shaver's appointment. CIBC stock shed a nickel to close in Toronto on Wednesday at $113.85. The Globe's Craig McGee said buy CIBC on Oct. 4, 2016. Mr. McGee said he expected CIBC shares to show seasonable strength. The shares were then going for $100.18. The Globe's Ian Tam said CIBC offers good growth and profitability in the Number Cruncher column on Nov. 4, 2016. The shares were then trading at $98.03. Desjardins Capital Markets analyst Doug Young reiterated his "buy" in The Globe on Dec. 3, 2016. The shares were then worth $108.49.
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