CIBC Wood Gundy is the Canadian full-service retail

brokerage A broker is a person or entity that arranges transactions between a buyer and a seller. This may be done for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neith ...

division of CIBC World Markets Inc., a

subsidiary A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidia ...

of the

Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce (CIBC; ) is a Canadian Multinational corporation, multinational banking and financial services corporation headquartered at CIBC Square in the Financial District, Toronto, Financial District of Toronto, Ont ...

(CIBC). Through its network of over 1,000 investment advisors working in 80 locations across Canada, CIBC Wood Gundy offers an array of investment and insurance products and services. CIBC Wood Gundy was created in 1988 with the purchase of

Wood Gundy Wood Gundy Inc. was a leading Canadian brokerage firm, stock brokerage and investment banking firm. Founded in 1905, it was acquired by the Canadian Imperial Bank of Commerce in 1988 as it attempted to build an investment banking business. The W ...

by CIBC. From 1988 through 1997, CIBC Wood Gundy was the universal name of CIBC's

investment banking Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...

operations. However, after the acquisition by CIBC of the investment banking operations of U.S.-based Oppenheimer & Co. in 1997, the combined investment banking business was renamed CIBC Oppenheimer and later

CIBC World Markets CIBC Capital Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm operates as an investment bank both in Canadian and global equity and debt capital markets. The firm provides a variety of financial se ...

. Since 1997, the name CIBC Wood Gundy has been used as the brand for CIBC's retail brokerage business.

History

Wood, Gundy & Company was established in

Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...

in 1905 by George Herbert Wood and James Henry Gundy. The firm first specialized in the distribution and underwriting of government and municipal bonds. CIBC purchased a majority stake in Wood, Gundy & Co. in June 1988 for C$203 million.Canadian Imperial Bank of Commerce Profile
/ref> At the time of its acquisition, Wood Gundy was the leading Canadian investment dealer. Following the acquisition, CIBC formed CIBC Wood Gundy, which offered primarily

asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...

services for corporate and institutional clients. Two years later, in 1990, they continued to expand the Canadian securities business by acquiring much of Merrill Lynch & Company's Canadian business. In 1997, CIBC Wood Gundy acquired the U.S. brokerage house Oppenheimer & Co. After the acquisition the U.S. division took the name CIBC Oppenheimer, eliminating the use of the Wood Gundy brand through much of the bank. The brand was retained for CIBC's retail

operations. In December 2001, CIBC acquired the Canadian retail brokerage business of

Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated, doing business as Merrill, and previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investm ...

, Merrill Lynch Canada, for an estimated $409 million. The acquisition of Merrill Lynch Canada, which it subsequently merged with its CIBC Wood Gundy business, greatly increased CIBC's own brokerage network, adding more than 1,000 brokers across Canada.Canadian Imperial Bank Buys Merrill Unit
''New York Times'', December 31, 2001

References

External links

CIBC Wood GundyWood Gundy Online
{{DEFAULTSORT:Cibc Wood Gundy Canadian Imperial Bank of Commerce Stock brokerages and investment banks of Canada Former investment banks

History

See also

References

External links