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CIBC Hires Cummings to Head U.S. Fixed-Income Sales Team

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July 17 (Bloomberg) -- 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.

To contact the reporters on this story: Sridhar Natarajan in New York at snatarajan15@bloomberg.net; Zeke Faux in New York at zfaux@bloomberg.net

To contact the editors responsible for this story: Shannon D. Harrington at sharrington6@bloomberg.net Mitchell Martin, Faris Khan

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