CIBC is cutting an undisclosed number of positions as the bank continues to cut costs and improve its efficiency.
In a memo to staff, chief executive Victor Dodig says that while it has made ``good progress'' in transforming the bank, it needs to keep a ``careful eye on costs.''
The Toronto bank's efficiency ratio was 55.5 per cent at year-end, improved from 60.4 per cent in 2015.
However, Dodig says the bank needs to lower this ratio further to make it a strong competitor and good long-term investment.
He says it is continuing to identify ``opportunities to simplify our bank and work differently,'' including streamlining decision-making.
Dodig says some employees will therefore be leaving the bank in the coming months.