TORONTO (Reuters) – Canadian Imperial Bank of Commerce, which has been spending on expanding and improving fast-growing parts of its business, will adjust the pace of its investments in response to market conditions, its chief executive said on Thursday.
“There’s a great deal of concern out there” about economic and market conditions, Victor Dodig said at the lender’s investor day in Toronto. “If the market is more difficult, we will adjust our pace of investment. When it turns around, we will accelerate that pace of investment.”
Canada’s fifth-biggest bank last week announced wage increases for most employees and said it is expanding its U.S. investment banking team. Last month, the lender missed quarterly profit expectations, in part due to higher expenses driven by spending on strategic initiatives and employee compensation.
(Reporting By Nichola Saminather)