CIBC Sees Restructuring Costs of Up to $154 Million, CFO Says

Canadian Imperial Bank of Commerce said it expects to take a restructuring cost of as much as C$200 million ($154 million) in the fourth quarter.

CIBC, the country’s fifth largest lender by assets, could have other restructuring costs in the future as it seeks to reach annual cost savings of about C$600 million by 2019, Chief Financial Officer Kevin Glass said Wednesday at an investor day meeting in Toronto.

The bank also is targeting medium-term earnings growth of 5 percent to 10 percent a year, Glass said.

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