The Globe and Mail reports in its Friday edition that CIBC chief executive officer Victor Dodig says taxes on banks introduced in previous budgets threaten to hurt profits and investment in the industry. The Globe's Stefanie Marotta writes that in the past two years, Ottawa implemented three new taxes aimed at extracting billions of dollars from banks and insurers. The sector publicly called out the government for targeting financial institutions and ignoring warnings that the taxes would dampen lending and further stunt profit growth. Mr. Dodig said the suddenly heavier tax environment threatens to deter investment in Canada's banking sector. "One of the things that I have heard from investors, particularly outside of Canada, is, 'Are we entering a phase where we're going to be surprised by government tax policy?' Because investors want certainty and predictability," Mr. Dodig said. "The most important thing our government can do is provide that certainty and predictability by not having surprises like that." Lenders have been pinched as waning demand for commercial real estate weighed on valuations while higher borrowing costs increased the risk of loan defaults. CIBC has been lowering its exposure to office lending.