A photograph of the CIBC sign in Toronto's financial district in downtown Toronto on Thursday, Feb. 26, 2009.NATHAN DENETTE/The Canadian Press
CIBC World Markets' top investment banker for financial institutions is no longer with the dealer.
Mike Shuh ran the financial institutions group – known as FIG in the industry. His departure comes less than a year after he was promoted to run the group, when he took over from veteran banker Don Fox, who was made vice-chair.
The change extends the turnover in FIG across Bay Street. In the past two years, multiple dealers have lost or dismissed senior financial institutions bankers, including Scotia Capital and TD Securities.
The turnover has included: Cameron Goodnough leaving TD Securities; Darin Deschamps exiting National Bank Financial to run Wells Fargo's Canadian capital markets business; Bank of Nova Scotia parting ways with Rajiv Bahl and Farooq Moosa, who previously ran the structured products and managed companies businesses, respectively; Scotiabank also parting ways with David Skurka, who landed at TD Securities; and Neil Selfe leaving GMP Securities to start his own advisory firm, Infor Financial Group.
CIBC has yet to name Mr. Shuh's replacement.
Tim Kiladze