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CIBC Profit Misses Estimates as Wages Drive Higher Expenses

CIBC To Double Venture-Lending Unit's Staff As Startups Boom
Photographer: Della Rollins/Bloomberg

Canadian Imperial Bank of Commerce’s plan to ramp up investments in its workforce took a bite out of fiscal second-quarter profit. 

Non-interest expenses rose 13% from a year earlier to C$3.11 billion ($2.43 billion) in the three months through April, the Toronto-based company said Thursday. Overall profit trailed projections.