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CIBC Capital Markets
CIBC Capital Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm operates as an investment bank both in Canadian and global equity and debt capital markets. The firm provides a variety of financial services including equity and debt capital market products, mergers and acquisitions, global markets (sales and trading), merchant banking, and other investment banking advisory services.
Established via a series of acquisitions, including Canadian brokerage Wood Gundy and U.S.-based Oppenheimer & Co., CIBC Capital Markets has been a leading investment bank in Canada with a notable presence in various international markets at times over the years.
CIBC Capital Markets is headquartered at Brookfield Place in Toronto with offices in Calgary, Montreal, Vancouver, Winnipeg, New York City, Chicago, Houston, Milwaukee, Bogotá, Beijing, Hong Kong, London, Luxembourg, Shanghai, Singapore, Sydney and Tokyo.
The original Wood Gundy company was established in Toronto in 1905 by George Herbert Wood and James Henry Gundy. CIBC purchased a majority stake in Wood Gundy in June 1988 for C$203.3 million. After the purchase, the CIBC formed CIBC Wood Gundy, which offered asset management services for corporate and institutional clients. Two years later, in 1990, they continued to expand the Canadian securities business by acquiring much of Merrill Lynch & Company's Canadian business. In 1997, Wood Gundy acquired Eyers Reed, an Australian broker firm for $20 million.
In April 1995, CIBC Wood Gundy announced the acquisition of The Argosy Group, a New York-based investment banking firm involved primarily in the high-yield debt market. Argosy had been founded by three Drexel Burnham Lambert alumni: Jay Bloom, Andrew Heyer, and Dean Kehler, who had worked together in Drexel's New York office in the 1980s.
The acquisition of Argosy marked an aggressive push by CIBC into the US investment banking business. Prior to that point, CIBC had never done a junk bond deal. Argosy's three major principals had worked on some of the biggest junk-bond deals of the 1980s while at Drexel Burnham Lambert. The 52 Argosy employees constituted the core of what would become CIBC's High Yield Group and CIBC Argosy Merchant Banking funds that were responsible for, among other things, the $1 billion windfalls that CIBC would earn from its early investments in Global Crossing. The Argosy principals also managed two collateralized debt obligation vehicles known as Caravelle Funds I and II.
In 1997, CIBC Wood Gundy, under the direction of Michael S. Rulle, acquired the American brokerage house Oppenheimer & Co. for $585 million. Subsequently, the merged companies were called CIBC Oppenheimer; Rulle remained the chairman and chief executive of the company while Stephen Robert and Nathan Gantcher of Oppenheimer became vice-chairmen of CIBC Oppenheimer. According to the deal, CIBC paid $350 million and additionally provided a $175 million that was paid in the course of over three years to help retain key executives from the firm.
By 1999, CIBC Oppenheimer changed its name to CIBC Capital Markets and positioned itself as CIBC's international investment bank. The CIBC Capital Markets unit suffered a net loss of C$186 million during the fourth quarter of fiscal 1998 which dragged down the performance of the parent bank's stock by almost one-third. The loss in 1998 was due primarily to very rapid expansion into regions impacted by the various financial crises in 1998. As a result, CIBC Capital Markets refocused its efforts primarily on the U.S. and Canadian markets, despite the seemingly global ambitions implied in the unit's name.
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CIBC Capital Markets
CIBC Capital Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm operates as an investment bank both in Canadian and global equity and debt capital markets. The firm provides a variety of financial services including equity and debt capital market products, mergers and acquisitions, global markets (sales and trading), merchant banking, and other investment banking advisory services.
Established via a series of acquisitions, including Canadian brokerage Wood Gundy and U.S.-based Oppenheimer & Co., CIBC Capital Markets has been a leading investment bank in Canada with a notable presence in various international markets at times over the years.
CIBC Capital Markets is headquartered at Brookfield Place in Toronto with offices in Calgary, Montreal, Vancouver, Winnipeg, New York City, Chicago, Houston, Milwaukee, Bogotá, Beijing, Hong Kong, London, Luxembourg, Shanghai, Singapore, Sydney and Tokyo.
The original Wood Gundy company was established in Toronto in 1905 by George Herbert Wood and James Henry Gundy. CIBC purchased a majority stake in Wood Gundy in June 1988 for C$203.3 million. After the purchase, the CIBC formed CIBC Wood Gundy, which offered asset management services for corporate and institutional clients. Two years later, in 1990, they continued to expand the Canadian securities business by acquiring much of Merrill Lynch & Company's Canadian business. In 1997, Wood Gundy acquired Eyers Reed, an Australian broker firm for $20 million.
In April 1995, CIBC Wood Gundy announced the acquisition of The Argosy Group, a New York-based investment banking firm involved primarily in the high-yield debt market. Argosy had been founded by three Drexel Burnham Lambert alumni: Jay Bloom, Andrew Heyer, and Dean Kehler, who had worked together in Drexel's New York office in the 1980s.
The acquisition of Argosy marked an aggressive push by CIBC into the US investment banking business. Prior to that point, CIBC had never done a junk bond deal. Argosy's three major principals had worked on some of the biggest junk-bond deals of the 1980s while at Drexel Burnham Lambert. The 52 Argosy employees constituted the core of what would become CIBC's High Yield Group and CIBC Argosy Merchant Banking funds that were responsible for, among other things, the $1 billion windfalls that CIBC would earn from its early investments in Global Crossing. The Argosy principals also managed two collateralized debt obligation vehicles known as Caravelle Funds I and II.
In 1997, CIBC Wood Gundy, under the direction of Michael S. Rulle, acquired the American brokerage house Oppenheimer & Co. for $585 million. Subsequently, the merged companies were called CIBC Oppenheimer; Rulle remained the chairman and chief executive of the company while Stephen Robert and Nathan Gantcher of Oppenheimer became vice-chairmen of CIBC Oppenheimer. According to the deal, CIBC paid $350 million and additionally provided a $175 million that was paid in the course of over three years to help retain key executives from the firm.
By 1999, CIBC Oppenheimer changed its name to CIBC Capital Markets and positioned itself as CIBC's international investment bank. The CIBC Capital Markets unit suffered a net loss of C$186 million during the fourth quarter of fiscal 1998 which dragged down the performance of the parent bank's stock by almost one-third. The loss in 1998 was due primarily to very rapid expansion into regions impacted by the various financial crises in 1998. As a result, CIBC Capital Markets refocused its efforts primarily on the U.S. and Canadian markets, despite the seemingly global ambitions implied in the unit's name.