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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-19 C$ 59.07
Market Cap C$ 53,451,542,773
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FP says CIBC taps ex Liberal finance minister

2022-10-19 08:00 ET - In the News

The Financial Post reports in its Wednesday, Oct. 19, edition that former finance minister Bill Morneau is joining the board of directors of Canadian Imperial Bank of Commerce, the country's fifth-largest bank, on Nov. 1. The Post's Barbara Shecter writes that Mr. Morneau resigned from Justin Trudeau's Liberal government in August, 2020, in the wake of the WE Charity scandal, but insisted he was not pushed out. In his first public speech following his departure from politics, he was critical of the business community. In the June speech at the C.D. Howe Institute's annual directors dinner in Toronto, Mr. Morneau said the business community did little to help advance crucial policy initiatives to boost Canada's economy while he was in office from 2015 to 2020, and was preoccupied with lower taxes even though Canada's marginal effective tax rates were "competitive." During his time in government, he tried to get the business community to invest in public-private initiatives such as large infrastructure projects. CIBC praised its new director in a statement Tuesday morning, saying Mr. Morneau "played a key role in shaping progressive, sustainable and inclusive economic policies" while in government.

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