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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 906,003,982
Close 2022-11-24 C$ 64.66
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Globe says RBC, CIBC chiefs took hard line last winter

2022-11-25 07:27 ET - In the News

See In the News (C-RY) Royal Bank of Canada

The Globe and Mail reports in its Friday edition that Canadian bank CEOs warned Deputy Prime Minister Chrystia Freeland on the eve of the federal government's invocation of the Emergencies Act about risks to the country's reputation, saying that Canada was being called a "joke," for its inability to clear protesters. A triple-bylined item led by Marsha McLeod says that another chief executive officer relayed the comments of an investor, who had said, "I won't invest another red cent in your banana republic in Canada." Meeting minutes from the Feb. 13 call were tabled on Thursday with the inquiry that is studying the invocation of the Emergencies Act last winter. The leaders' names are redacted in the minutes, but separate notes by Ms. Freeland from the same meeting refer to each CEO by their first or last name. "Label them as terrorists," reads a comment in Ms. Freeland's notes. It is attributed to "Darryl/BMO," likely BMO CEO Darryl White. Comments attributed "Dave" in her notes -- probably RBC's Dave McKay -- echoed that sentiment and added, "Seize the assets and impair them." Meantime, another CEO suggested using the "military at the borders." The comment is attributed to "Dodig," likely CIBC CEO Victor Dodig.

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