CIBC Said to Cut About 500 Jobs to Boost Operating Efficiency

Canadian Imperial Bank of Commerce, the nation’s fifth-biggest lender, is cutting about 500 jobs companywide even as it plans to add positions throughout the year, according to a person briefed on the matter.

“These reductions reflect an overall alignment of our resources that allows us to better serve our clients and ensure that we are operating efficiently,” the Toronto-based bank said Thursday in an e-mailed statement that didn’t elaborate on which jobs and how many are affected. The person who provided the number asked not to be identified discussing personnel matters.

CIBC still plans to add more jobs than it eliminates in 2015, and expects to hire more than 5,000 employees in the next year, according to the statement. The firm had almost 44,500 employees at year-end.

The Wall Street Journal reported the cuts earlier Thursday.

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