CIBC laying off 500 employees: report

The Canadian Imperial Bank of Commerce (CIBC) is laying off 500 employees, The Wall Street Journal is reporting.

“These reductions reflect an overall alignment of our resources that allows us to better serve our clients and ensure that we are operating efficiently,” CIBC said in an emailed statement to the newspaper.

The bank’s workforce has increased by more than 1,800 over the past two years, the Wall Street Journal says.

“The Big 5 Canadian banks made record amounts of profit last year,” said 680News business editor Richard Southern.

“That’s not stopping them from handing out pink slips.”

Southern points out that the CIBC cuts come just two months after Scotiabank announced 1,500 layoffs.

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