Here are 1-3 brief analogies for Canadian Imperial Bank of Commerce (CM):

• A Canadian JPMorgan Chase
• A Canadian Bank of America

• Personal & Small Business Banking: Offers deposit accounts, credit cards, mortgages, loans, and investment products to individuals and small businesses.
• Commercial Banking: Provides lending, cash management, trade finance, and other financial services to mid-market and large corporate clients.
• Wealth Management: Delivers private banking, investment management, financial planning, and trust services for high-net-worth individuals and families.
• Capital Markets: Engages in investment banking, corporate lending, and sales and trading of financial products for institutional clients, corporations, and governments.

Canadian Imperial Bank of Commerce (CM) is a major Canadian financial institution that provides a wide range of banking and financial services. Like most large diversified banks, CIBC does not have a few identifiable "major customer companies" in the traditional sense, as its revenue streams are spread across a vast number of clients.

Instead, CIBC serves a broad customer base that includes individuals, small businesses, large corporations, and institutional clients. For the purpose of categorization, we can describe its customer base in up to three primary categories:

• Personal Banking Clients: This category includes individual consumers and households who utilize CIBC for their day-to-day banking needs, such as chequing and savings accounts, credit cards, personal loans, mortgages, and basic investment services.
• Small and Medium Business (SMB) Clients: This segment comprises various types of businesses, from sole proprietorships to mid-sized corporations. These clients rely on CIBC for business accounts, operating lines of credit, commercial mortgages, treasury management services, and other tailored business banking solutions.
• Corporate and Institutional Clients: This category includes large corporations, government entities, and other financial institutions. They access CIBC's wholesale banking services, which encompass corporate lending, capital markets solutions (such as debt and equity underwriting, foreign exchange, and commodities), treasury services, and investment banking advisory.

• Oracle Corporation (ORCL)
• Salesforce, Inc. (CRM)
• Amazon.com, Inc. (AMZN)

Harry Culham, President and Chief Executive Officer

Harry Culham assumed the role of President and Chief Executive Officer of CIBC on November 1, 2025. Prior to this, he was appointed Chief Operating Officer in April 2025, and previously served as Group Head of Capital Markets and Direct Financial Services. Mr. Culham joined CIBC in 2008 and has held progressively senior roles in Capital Markets, eventually leading the division. His experience also includes overseeing CIBC's operations in the Caribbean and CIBC Mellon.

Robert Sedran, Senior Executive Vice-President and Chief Financial Officer

Robert Sedran is the Senior Executive Vice-President and Chief Financial Officer at CIBC. He joined CIBC in 2010. Most recently, he served as CIBC's Executive Vice-President, Treasurer, where he was responsible for balance sheet management activities, including capital management, asset-liability management, and the bank's investment portfolios. His earlier career at CIBC included roles in finance and on the trading floor, as well as leadership positions in Enterprise Strategy, Planning, Corporate Development, and as Director of Research in CIBC Capital Markets. Mr. Sedran also has experience in Equity Research at National Bank Financial. He currently serves as a Director at Onco-Screen, Inc.

Christian Exshaw, Senior Executive Vice-President and Group Head, Capital Markets

Christian Exshaw was appointed Senior Executive Vice-President and Group Head, Capital Markets, effective November 1, 2025. Previously, he served as Deputy Head of Capital Markets starting in 2024, where he led CIBC's Global Markets, Global Corporate, and Global Investment Banking teams.

Kevin Li, Senior Executive Vice-President and Group Head, U.S. Region; President and CEO, CIBC Bank USA

Kevin Li's appointment as Senior Executive Vice-President and Group Head, U.S. Region, and President and CEO, CIBC Bank USA, became effective on November 1, 2025. He previously held the position of Managing Director and Head, Global Investment Banking. Mr. Li joined CIBC in 1994 and has held various senior roles in Canada and was previously Head of CIBC in Europe. He has been based in Chicago since 2018.

Christina Kramer, Senior Executive Vice-President and Chief Administrative Officer

Christina Kramer was appointed Senior Executive Vice-President and Chief Administrative Officer (CAO) of CIBC, effective November 1, 2025. In this role, she continues to lead the Technology, Infrastructure, and Innovation group. Her responsibilities also expanded to include Corporate Governance, Client Complaints, Environment, Social and Governance (ESG), and CAO teams across the enterprise.

1. Exposure to Canadian Housing Market and Mortgage Delinquencies: CIBC has significant exposure to the Canadian mortgage market, making it vulnerable to a downturn in the housing market or a rise in mortgage delinquencies. Prolonged interest rate hikes could exacerbate this risk, potentially leading to increased credit losses for the bank.
2. Regulatory and Compliance Risks: Regulators are increasingly scrutinizing financial institutions, and further changes to regulatory expectations could significantly impact CIBC's business processes. This could lead to higher compliance costs and an increased risk of fines for non-compliance, negatively affecting the bank's operations and financial condition.
3. Intensified Digital Competition: The banking sector faces growing competition from digital-first companies and larger global banks. CIBC's need for continuous investment in technology and digital enhancements to remain competitive and meet evolving client expectations poses a near-term risk. Failure to effectively adapt and innovate in the digital space could challenge its positive outlook and market position.

• Emergence of specialized digital-first financial service providers (Fintechs and Neobanks) offering superior user experiences, competitive pricing, and agility in areas such as payments, lending, investment management (robo-advisors), and everyday banking. These entities are directly challenging CIBC's market share and customer relationships by leveraging technology to disintermediate traditional banking services and capture specific customer segments.
• The increasing development and adoption of Open Banking frameworks in Canada, which will enable easier data sharing (with customer consent) and lower switching costs for consumers. This will intensify competition by allowing third-party fintechs and other non-bank entities to offer integrated, personalized financial products more easily, eroding CIBC's traditional advantages of data ownership and customer lock-in.

The Canadian Imperial Bank of Commerce (CM) operates across several key business units, with its primary markets in Canada and the United States, along with a presence in the Caribbean, Asia, and the United Kingdom.

Canada

• Retail Banking: The Canada Retail Banking Market is projected to grow from USD 1.32 trillion in 2025 to USD 1.95 trillion by 2031, at a Compound Annual Growth Rate (CAGR) of 6.8%.
• Commercial Banking: The Commercial Banking market size in Canada was valued at USD 491.9 billion in 2024 and is projected to be USD 490.3 billion in 2025.
• Wealth Management: The financial wealth invested in the Canadian market is approximately CAD 6.5 trillion in 2024, with projections to reach CAD 10 trillion by 2030. Assets Under Management (AUM) in Canada are projected to surpass USD 1.92 trillion by 2024, with a steady growth rate of 0.52% expected between 2024 and 2028. The Canadian asset management market generated USD 20,634.5 million in revenue in 2023 and is expected to reach USD 88,143.8 million by 2030, growing at a CAGR of 23.1% from 2024 to 2030.
• Capital Markets: The market value of outstanding Canadian equity securities reached USD 4,622.7 billion at the end of the third quarter of 2024. The total outstanding value of Canadian debt securities reached USD 5,945.3 billion at the end of the third quarter of 2024.

United States

CIBC has a significant presence in the U.S. commercial banking and wealth management markets.

• Commercial Banking: Null
• Wealth Management: Null

1. Expansion of Wealth Management Franchise: CIBC is prioritizing the growth of its mass affluent and high-net-worth client segments in both Canada and the U.S. This involves delivering enhanced advice, solutions, and services to these clientele, aiming to increase fee-based revenue and assets under management. Recent performance in Q3 2025 saw wealth management revenue growth of 15%, driven by market appreciation, net sales, and increased client activity.
2. Digital Transformation and AI Integration: The bank is heavily invested in accelerating its digital adoption and leveraging artificial intelligence (AI) to enhance client experience and boost operational efficiency. Initiatives include improvements in digital banking capabilities, client personalization, and the use of AI to lower operational costs and improve net margins. CIBC launched CIBC CRTeX™, an AI-enabled client personalization and engagement engine in October 2025, further enhancing its digital capabilities.
3. U.S. Strategic Expansion: CIBC is focused on expanding its presence in the U.S., particularly within its Commercial Banking and Wealth Management segments. The bank has demonstrated strong growth in its U.S. operations, with Q2 2025 net income in the U.S. region surging by 81% year-over-year. This expansion is expected to unlock opportunities through cross-border synergies and increased fee income.
4. Growth in Commercial Banking Volumes and Net Interest Margin Expansion: The bank anticipates continued revenue growth through increased commercial loan and deposit volumes, coupled with expanding net interest margins (NIM). In Q3 2025, Commercial Banking revenues increased by 10%, driven by both volume growth and margin expansion. Additionally, net interest income, excluding trading, was up 13%, benefiting from balance sheet growth and expanding margins.

Share Repurchases

• CIBC completed a normal course issuer bid (NCIB) that commenced on September 10, 2024, and concluded on July 31, 2025, repurchasing and cancelling 20 million common shares for a total of $1.8 billion at an average price of $87.79 per share.
• The bank announced its intention to purchase for cancellation up to 20 million common shares under a new normal course issuer bid, representing approximately 2.2% of outstanding common shares as of July 31, 2025. This bid was expected to commence around September 10, 2024, and continue for up to one year.
• Under a previous NCIB that started on December 13, 2021, and ended on December 12, 2022, CIBC repurchased 1.8 million common shares for cancellation at an average price of $74.43 per share.

Share Issuance

• A two-for-one share split of CIBC's common shares was approved on April 7, 2022, and became effective on May 13, 2022.
• No significant share issuances for capital-raising purposes by third parties have been reported within the last 3-5 years.

Inbound Investments

• No information regarding large inbound investments made in CIBC by third parties (e.g., a strategic partner or private equity firm) over the last 3-5 years is available.

Outbound Investments

• CIBC acquired the Costco card relationship in 2022 as part of its affluent strategy in Canada.
• CIBC Innovation Banking provided $10 million in growth capital to Boosted.ai, a Toronto-based company specializing in AI for investment management.
• CIBC Innovation Banking also extended growth capital to Learning.com and debt financing to Wemolo, a German tech company.

Capital Expenditures

• CIBC has increased spending on strategic initiatives, contributing to higher non-interest expenses in recent periods, including Q3 and Q4 2024.
• Strategic initiatives for 2024 included the introduction of a custom-built AI platform.
• The bank has made investments to enhance its security processes, including expanded access control and migration to modern solutions like strong software-based authentication and cloud solutions.