CIBC May Have Gone Too Far in Mortgage Retreat, CEO Dodig Says
- Canadian bank now looking to boost its presence in the space
- Negative rates are a challenge in these ‘unprecedented times’
This article is for subscribers only.
The head of Canadian Imperial Bank of Commerce admits the lender may have retreated too far from the domestic mortgage market.
“Candidly, I think we went too far left in slowing things down, put the brakes on too hard, and we’re re-adjusting for that,” Chief Executive Officer Victor Dodig said Wednesday at the Scotiabank Financials Summit in Toronto. “We are now looking to create a more robust presence in the mortgage landscape.”