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CIBC Tackles Developer Shortage With Hackathons, Skill Training

  • Bank is looking to hire 700 to 900 technologists this year
  • Lender is seeing salaries surge for workers with niche skills
A Canadian Imperial Bank of Commerce branch in Toronto.

A Canadian Imperial Bank of Commerce branch in Toronto.

Photographer: Della Rollins/Bloomberg

Canadian Imperial Bank of Commerce is managing a shortage of tech workers by training its developers in high-demand technologies including blockchain and Microsoft Azure, betting that such growth opportunities will help the lender retain current workers and attract outside talent. 

With tech becoming increasingly important in the finance world, Canada’s banks are seeking to hire more developers, but they’re facing increased competition from startups and other firms. That’s resulting in soaring salaries and rising turnover rates, prompting Royal Bank of Canada Chief Executive Officer David McKay to list the battle for talent as one of his top concerns for this year.