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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 905,122,577
Close 2022-11-04 C$ 62.44
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Globe says CIBC, rivals battered by top politicians

2022-11-07 09:17 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Saturday edition that banks, energy producers and grocery chains, in particular, are being battered by top political voices who have cast aspersions on profits and drawn connections between corporate success and inflation. The Globe's David Berman writes that critics have a big megaphone. President Joe Biden renewed his attacks on energy producers last week. In a tweet, Mr. Biden warned the oil industry that it faces a stark choice: "Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity. Or pay a higher tax on your excessive profits and face other restrictions." Closer to home, Canadian banks remain a popular target. The Canadian government, under Prime Minister Justin Trudeau, will claw back a portion of bank and insurer profits that exceed $1-billion, under a plan called the Canada Recovery Dividend. Now, grocery chains, such as Loblaw and Sobeys parent Empire, are under pressure as food prices soar. The Globe says influential voices are now pushing back against the attack on profits. Moody's economist Mark Zandi says, "Corporate greed is a stretch as corporate profit margins, while wide, are declining."

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