Concept
CIBC Private Wealth is an umbrella brand uniting private banking, wealth management and trust services of Canadian Imperial Bank of Commerce (CIBC) across Canada and the United States; it is not a standalone legal entity. In Canada, services are delivered by CIBC Private Banking, CIBC Private Investment Counsel (a division of CIBC Asset Management Inc.), CIBC Trust Corporation and the CIBC Wood Gundy brokerage; in the US, by CIBC Private Wealth Management, comprising CIBC National Trust Company, CIBC Delaware Trust Company, SEC-registered adviser CIBC Private Wealth Advisors Inc. and the private banking division of Chicago-based CIBC Bank USA (US$ 61.5bn of assets at end-2024). As of 31 October 2025, group total assets stood at C$ 1,116.9bn with record net income of C$ 8.5bn and group AUM of C$ 431bn; CIBC is Canada's fifth-largest bank by assets. Harry Culham has been group President & CEO since 1 November 2025 (Victor Dodig led the bank from 2014 to October 2025); in Canada the franchise is overseen by Susan Rimmer, SEVP and Group Head, Commercial Banking and Wealth Management, with Jonathan Hass as SVP and Head of CIBC Private Banking and Family Office; in the US, John Markwalter Jr. is CEO of CIBC Private Wealth, U.S.
History and evolution
- 1867 — Canadian Bank of Commerce founded.
- 1875 — Imperial Bank of Canada founded.
- 1 June 1961 — the two banks merge to form CIBC, the largest Canadian bank merger at the time.
- 1905 — brokerage Wood Gundy founded; 1988 — acquired by CIBC.
- 2002 — Caribbean operations merged with Barclays into FirstCaribbean; CIBC's stake reached about 91.5% by 2006.
- 2014 — US trust company Atlantic Trust acquired.
- 23 June 2017 — PrivateBancorp acquisition completed (about US$ 5bn, the largest deal in CIBC's history), forming the basis of CIBC Bank USA.
- 2017–2019 — further US RIA acquisitions: Geneva Advisors, Lowenhaupt, Cleary Gull.
- 25 June 2018 — unified US brand CIBC Private Wealth Management launched.
- January 2024 — FirstCaribbean rebranded CIBC Caribbean.
- On 28 May 2026 CIBC announced an agreement to sell its 91.67% stake in CIBC Caribbean to Butterfield for US$1.645 bn: US$1 bn in cash and US$645 m in Butterfield shares. US$1.794 bn is the announced consideration for 100% of CIBC Caribbean. The announced timetable targeted completion in the first half of 2027, subject to regulatory and shareholder approvals and other closing conditions.
Regulation
Supervision spans two jurisdictions. In Canada the bank is regulated by OSFI, brokerage by CIRO and discretionary management by provincial securities commissions; AML reporting goes to FINTRAC, consumer protection to the FCAC. In the US, CIBC Bank USA is an Illinois state-chartered bank, a Federal Reserve member, FDIC-insured (note: state-chartered, not an OCC national bank); CIBC National Trust Company is a national trust bank supervised by the OCC; CIBC Private Wealth Advisors Inc. is an SEC-registered investment adviser with US$ 57.6bn of discretionary AUM as of 31 December 2024.
Recent compliance events: a FINTRAC administrative monetary penalty of C$ 1,329,150 (October–December 2023; STR/reporting failures; paid and closed); SEC, 24 September 2024 — a US$ 12m civil penalty for CIBC World Markets Corp. and CIBC Private Wealth Advisors (off-channel communications recordkeeping); CFTC, 24 September 2024 — US$ 30m plus a separate US$ 1.25m (recordkeeping/supervision; untimely swaps reporting); FCAC Decision #143 (September 2022) — C$ 5.6m for fee disclosure failures in 2001–2020 affecting about 200,000 customers, with about C$ 11m refunded. Historical: a 2003 SEC Enron settlement of US$ 80m, according to published reports.
Source of wealth
The bank serves entrepreneurs and business owners, professionals and executives, US–Canada cross-border families and multi-generational wealth; the mass-affluent pipeline flows through Imperial Service. As with any regulated bank, clients are asked to evidence their source of funds when the relationship is opened.
Who it serves
Affluent families in Canada and the US, business owners before and after exit, executives with concentrated stock positions, cross-border families needing one bank on both sides of the border, and ultra-high-net-worth families requiring a family office. The group's stated FY2025 strategic priority #1 is "growing our mass affluent and private wealth franchise".
Services
Private banking and credit, including securities-backed lending in the spirit of lombard lending; full-service brokerage through Wood Gundy; discretionary portfolio management; trust, estate and executor services (CIBC Trust in Canada; National Trust and Delaware Trust in the US); family office (from US$ 50m+); financial planning; philanthropy; and access to alternatives, including the new CIBC Private Lending Strategies interval fund (US private credit, filed September 2025).
Entities
| Jurisdiction | Legal entity | Form and supervision | Role |
|---|---|---|---|
| Canada | Canadian Imperial Bank of Commerce | Bank; OSFI; CDIC member | Core bank |
| Canada | CIBC World Markets Inc. / CIBC Wood Gundy | Brokerage; CIRO, CIPF | Brokerage and advisory |
| Canada | CIBC Asset Management Inc. / Private Investment Counsel | Asset manager; provincial securities commissions | Discretionary portfolio management |
| Canada | CIBC Trust Corporation | Trust company; OSFI; separate CDIC member | Trust and estate |
| US | CIBC Bank USA | Illinois state-chartered bank, Federal Reserve member; FDIC | US private banking |
| US | CIBC National Trust Company | National trust bank; OCC | US fiduciary services |
| US | CIBC Private Wealth Advisors Inc. | Registered investment adviser; SEC | US investment advisory |
Strengths
- One platform across two jurisdictions — a US footprint rare among Canadian banks after the PrivateBancorp deal.
- A full set of structures inside the group: bank, broker, asset manager and trust companies.
- Scale: group total assets of C$ 1,116.9bn and group AUM of C$ 431bn as of 31 October 2025.
- A publicly declared strategic focus on the private wealth franchise.
Where it falls short
- The C$ 2m advisory threshold is higher than mass-premium programmes; clients below it are served only through Imperial Service.
- No proprietary banking infrastructure in Europe or Asia; the Caribbean business is up for sale (the Butterfield deal announced 28 May 2026 is not completed).
- US advisory fees (1.20% on the first US$ 5m) exceed passive robo-adviser pricing.
- The 2022–2024 record of penalties (FINTRAC, SEC, CFTC, FCAC) warrants attention in due diligence.
CIBC Private Wealth is a practical choice for families whose lives and capital straddle the Canada–US border: one group covers both sides, with transparent entry thresholds and a complete set of fiduciary structures.
Q/A
What is the minimum to open an account with CIBC Private Wealth?
In Canada the official advisory account minimum is C$ 2m with a C$ 10,000 minimum annual fee; in the US it is US$ 1m (waivable). Family office services typically require US$ 50m+ in AUM.
Are deposits at CIBC insured?
In Canada, CDIC covers up to C$ 100,000 per depositor per insured category; CIBC and CIBC Trust Corporation are separate CDIC members. In the US, CIBC Bank USA deposits are FDIC-insured up to US$ 250,000; investment and trust products are not insured.
Is CIBC Bank USA a national bank supervised by the OCC?
No. CIBC Bank USA is an Illinois state-chartered bank, a Federal Reserve member, insured by the FDIC. OCC supervision applies only to CIBC National Trust Company.
What penalties has CIBC received in recent years?
FINTRAC — C$ 1,329,150 (2023; paid, closed); SEC and CFTC — over US$ 43m combined (September 2024; communications recordkeeping and swaps reporting); FCAC — C$ 5.6m (2022; fee disclosure, with about C$ 11m refunded to customers).
What is happening with CIBC's Caribbean business?
On 28 May 2026 CIBC announced an agreement to sell its 91.67% stake in CIBC Caribbean to Butterfield for US$1.645bn: US$1bn in cash and US$645m in Butterfield shares. US$1.794bn is the announced consideration for 100% of CIBC Caribbean. The announced timetable targeted completion in the first half of 2027, subject to regulatory and shareholder approvals and other closing conditions.