Canadian Imperial Bank Of Commerce Cutting Over 500 Positions: WSJ

(RTTNews) - Canadian Imperial Bank of Commerce (CM.TO, CM) is cutting more than 500 jobs, as the lender tries to pare costs, the Wall Street Journal reported, citing people familiar with the matter.

Toronto-based CIBC is Canada's fifth-largest bank by assets. The lender made the cuts over the last two weeks as part of its regular pruning of workforce.

CIBC had some 44,424 full-time employees in 2014, compared to 43,039 employees in the prior year.

Faced with slower growth, Canadian banks in general have turned their focus to cost control. Several of them, including Bank of Nova Scotia and Royal Bank of Canada, have cut jobs or closed down non-core operations, or done both.