CIBC to Avoid ‘Frothy’ Wealth Deals in U.S. Private-Banking Push

Canadian Imperial Bank of Commerce will be disciplined and won’t pursue a U.S. wealth-management takeover if it undermines the bank’s financial strength or costs too much, Chief Executive Officer Victor Dodig said.

“We look at acquisitions we know we’d like to do in the U.S., but we won’t be drawn into high prices or companies that we don’t feel fit our culture,” Dodig, 49, said in an interview in Calgary, where the bank is holding its investors meeting Thursday.