History Of Canadian Imperial Bank Of Commerce , livre ebook

Ecw Press - Rod McQueen

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264 pages

English

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'How does a venerable institution adapt quickly to sometimes volatile global markets and shifting domestic demands of the late twentieth century? In A History of Canadian Imperial Bank of Commerce, Volume 5 1973 1999, the story of CIBC unfolds amidst a backdrop of world-changing events, economic booms and busts, and memorable moments in Canadian history. This era of the bank saw challenges such as the OPEC crisis and recession-driven collapses of iconic companies like Massey Ferguson, Dome Petroleum, and Olympia & York. CIBC weathered such storms, while also pursuing opportunities in international banking and corporate acquisitions, and embracing technology and education. The lessons of the past shine through in this long-view of how to remain competitive and continue to evolve to meet the needs of millions of clients. All the while, the bank s commitment to its communities is clearly evident in the passionate and generous spirit of CIBC s team members, and its c

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Publié par	Ecw Press
Date de parution	23 septembre 2021
Nombre de lectures	0
EAN13	9781773056364
Langue	English
Poids de l'ouvrage	11 Mo

Informations légales : prix de location à la page 0,0950€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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A History of Canadian Imperial Bank of Commerce Volume 5: 1973–1999
Rod McQueen

Contents Foreword 1: Taking the Helm 2: Brave New World 3: Foreign Fields 4: Leaving a Legacy 5: The French Connection 6: Past Imperfect, Future Tense 7: Under the Dome 8: Changing the Guard 9: Full Speed Ahead 10: Project Delta 11: Choices and Challenges 12: The Handshake Deal 13: The Sun Never Sets 14: Growing with Gundy 15: The Glass Ceiling 16: The End of the Gods 17: School Days 18: The Look of a Leader 19: Let’s Make a Deal 20: Risky Business 21: Two into One Won’t Go 22: The Future is Now Endnotes Chapter One: Taking the Helm Chapter Two: Brave New World Chapter Three: Foreign Fields Chapter Four: Leaving a Legacy Chapter Five: The French Connection Chapter Six: Past Imperfect, Future Tense Chapter Seven: Under the Dome Chapter Eight: Changing the Guard Chapter Nine: Full Speed Ahead Chapter Ten: Project Delta Chapter Eleven: Choices and Challenges Chapter Twelve: The Handshake Deal Chapter Thirteen: The Sun Never Sets Chapter Fourteen: Growing with Gundy Chapter Fifteen: The Glass Ceiling Chapter Sixteen: The End of the Gods Chapter Seventeen: School Days Chapter Eighteen: The Look of a Leader Chapter Nineteen: Let’s Make a Deal Chapter Twenty: Risky Business Chapter Twenty-One: Two into One Won’t Go Chapter Twenty-Two: The Future Is Now Bibliography Appendices Appendix 1 Appendix 2 Appendix 3 Appendix 4 Acknowledgements Index About the Author Copyright

Foreword

As a student of history, I have long valued how it can be the very fabric that binds us all together — whether it be the history of our families, cultures, countries, or institutions. Each person and each generation contributes to the narrative and record of their respective times.
CIBC is no exception. Since its founding on May 15, 1867, our bank has embarked on a journey of being there for our clients and communities through both good times and challenging times. Ours is not only a history of a bank, it’s a story about our people, our clients, and our communities — and it’s about making a difference.
My own story with CIBC began in 1985 as a Customer Service Representative at our Bloor & Fieldgate branch in Mississauga, Ontario. When I was appointed President and CEO nearly 30 years later, one of the first things I did was immerse myself in the first four volumes of our bank’s history (1867 to 1972). For me, it was important to discover the challenges and opportunities, understand the successes and failures, and gain insight into the decisions that characterized decades past. Those four volumes were an informative window into the work of those who came before us. And, once absorbed, I knew we needed to write the next volume of our bank’s story.
This, our fifth volume, begins in 1973 and ends in 1999. These pages chronicle fascinating times in the life of our country and our communities. The tumult of the OPEC oil crisis, wage and price controls, recessions, referendums, the collapse of corporate giants like Massey Ferguson, Dome Petroleum, and Olympia & York, and bank mergers — all contrasted with the highs of growth, innovation, industry firsts, increasing diversity, the advancement of women, strengthening our communities, and even helping bring a Major League Baseball team to Canada.
Our story is expertly told by Rod McQueen, a well-known and respected writer. A journalist for 30 years, writer for numerous publications, and an award-winning author of 20 books, Rod’s passion and knowledge of business, the economy, international trade, and politics made him the ideal choice to pen the next quarter century of our bank’s history. Over the course of many months, Rod immersed himself in CIBC’s archives, poring over bank publications and documents, and interviewing board members, executive officers, and team members. His meticulous research has produced a thoughtful and compelling narrative. We are indebted to him and extend our sincere thanks and appreciation for his work.
I also want to convey my sincere thanks to the many CIBC team members, including our archivists, who contributed their time, effort, and expertise to see this book through to completion. To our publisher, whose counsel, professionalism, and commitment to excellence was incredible, thank you.
And, finally, I want to recognize and thank the many generations of CIBC team members who have worked with our clients across Canada and around the world to help make their ambitions a reality. We are proud of everything you have done and continue to do to serve our clients with purpose and build strong, vibrant communities.
In the pages that follow, you’ll discover that a lot about our bank has changed through the years. Yet, the dedication, professionalism, and genuine caring of our team remains constant, even when tested. Our bank’s history lives in all of our team members — past and present, individually and collectively.
For our clients, team members, retirees, board members, investors, shareholders, and students of history — it is a privilege to share our continuing story with you. A story well and caringly told — one that continues to unfold today with a new look for our bank, including a new logo connecting our storied heritage to our present and our future — and serving as a symbol of an enduring commitment to our clients. It’s a story that continues to inspire and bind us together.
Victor G. Dodig, President and CEO, CIBC

1 Taking the Helm
The history of the Canadian Imperial Bank of Commerce is a work in constant progress. The bank’s story has previously been told through four volumes beginning in 1867, the same year as Confederation. As the bank spread across Canada, its relevance and relationships grew among consumers and commercial customers alike in many hundreds of communities. This fifth volume begins with the appointment of Page Wadsworth to succeed the autocratic Neil McKinnon, a time when the bank started to become a more open institution with responsibilities shared among senior executives. During the years covered in this volume, 1973 to 1999, other important changes occurred that include the rise of women to occupy executive roles as well as the arrival of technology. Both were seismic events that altered the bank forever and for the better.

Neil J. McKinnon, 1973.

Jeffrey P.R. Wadsworth, 1974.
When McKinnon stepped down in 1973 as chairman of Canadian Imperial Bank of Commerce, continuity of the institution was paramount. The Bank’s board of directors sought to choose the individual who could best lead the bank into the future while maintaining the trust and traditions of the past. The board’s selection of Jeffery Page Rein Wadsworth was as canny as it was obvious, given that he’d been the bank’s second-in-command for the previous two years.
At the same time, the directors designated Russell Harrison as president and chief operating officer. Donald Fullerton replaced Harrison as executive vice-president and chief general manager. In so doing, the board established a team and a succession plan that endured for the next twenty years.
At seventeen, Wadsworth had joined the Port Credit, Ontario, branch of the Standard Bank of Canada in 1928, shortly before it merged with the Commerce.
Wadsworth’s talents were quickly recognized. After gaining experience in the branches and the inspection department at head office, in 1939, he received his first managerial posting at Toronto’s Bloor and Ossington branch. He oversaw a staff of five and had the discretion to make loans up to $1,000, more than enough for a customer to buy a new car.

The Canadian Bank of Commerce, Port Credit, Ontario, 1947.
Banks so tightly controlled employees’ lives that when Wadsworth was told on a Friday in 1950 he was being posted to Calgary, he was instructed not even to tell his wife until Sunday night in case word leaked prior to the announcement on Monday. Although Wadsworth was the equivalent of a regional manager in Calgary, he was called superintendent, a title that did not carry much heft in the U.S. “This archaic title was something of an embarrassment to Wadsworth when he travelled to the United States in furtherance of the bank’s business,” wrote Philip Smith in The Treasure-Seekers: The Men Who Built Home Oil . “One oil man in the Midwest, having studied the business card, asked him politely, but with considerable puzzlement, ‘Do you look after all the bank’s buildings or just head office?’” 1
By the time of the annual meeting in December 1958, Wadsworth was back in Toronto as a vice-president and a member of the bank’s board of directors. He told shareholders that the bank served more than two million customers, had 10,000 employees, and 807 branches including thirty-two branches that had opened during the previous twelve months. But, more important than merely reciting numbers, Wadsworth demonstrated that, unlike McKinnon — who had rarely visited the branches — he was a people person who greatly respected the bank’s employees. At the 1960 annual meeting, he used glowing words to describe his tour that fall of branches in Western Canada. “It was quite evident that in nearly every case even the newest and youngest member of the pers