Market News

CIBC Named One of Canada’s Best Diversity Employers

Canadian Imperial Bank of Commerce (TSE: CM) (NYSE: CM) has been named one of Canada’s Best Diversity Employers by MediaCorp Canada in its annual inclusive workplace assessment for the 12th consecutive year. 

Inclusion Is a Priority for CIBC 

CIBC has made several efforts to foster an inclusive workplace and community environment. The bank has recently launched the Black Entrepreneur Program to help members of the Black community start and grow their businesses through financial and educational support.

In 2021, CIBC launched a reconciliation framework to support the economic prosperity of Indigenous peoples in Canada. 

The Canadian bank invested nearly C$8 million in 2021 to support community organizations that promote access to opportunities for the next generation of leaders and change-makers. 

CIBC ranked first in Canada and 40th globally for gender equality in Equileap’s 2021 Gender Equality Global Report & Ranking.

The bank was also recognized as one of Canada’s Top 100 Employers, and one of Canada’s Top 100 Employers for Young People for the 10th consecutive year. 

Management Commentary 

“This recognition highlights that inclusion is the cornerstone of our bank’s culture,” said Sandy Sharman, Group Head of People, Culture and Brand at CIBC.  

“Attracting and retaining talent with differing ideas and insights helps us better serve our clients and communities, support our team members and live our purpose by making ambitions a reality.” 

Wall Street’s Take 

On February 28, Stifel analyst Mike Rizvanovic kept a Hold rating on CM and raised its price target to C$174 (from C$172). This implies 9.3% upside potential.  

Overall, consensus among Wall Street analysts is that CM is a Moderate Buy based on six Buys, two Holds, and one Sell. The average Canadian Imperial Bank of Commerce price target of C$175.88 implies 10.5% upside potential to current levels.

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Related News: 
CIBC Foundation Accepting Applications for Charitable Funding 

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