Canadian Imperial Bank of Commerce hired Robert Cummings, the former co-head of corporate credit at KGS-Alpha Capital Markets LP, who resigned as the brokerage closed its bond trading unit.
Cummings, a co-founder of StormHarbour Securities LP and a former managing director at Citigroup Inc., will head the U.S. fixed-income sales team at the Toronto-based bank, he said in a telephone interview.
Tom Wallis, a spokesman for CIBC, declined to comment.
KGS-Alpha, which hired Cummings as co-head of corporate credit in July 2013, shuttered its investment-grade bond trading unit, according to a statement last week. The broker-dealer let go of two-thirds of its 15 high-grade bond traders and salesmen and reassigned five others, according to Emily Tracy, a spokeswoman for the New York-based firm.