Push for pre-pandemic office norms gains momentum
Canadian Imperial Bank of Commerce (CIBC) has begun requiring certain bankers in its capital-markets division to return to the office five days a week, according to sources familiar with the matter.
The decision, communicated verbally earlier this month, affects employees within the global corporate and investment-banking unit, one source said, requesting anonymity to Bloomberg. These teams include bankers handling debt-capital and equity-capital markets, as well as mergers and acquisitions advisory roles. Many of these employees were already working in-office at least four days per week.
Christian Exshaw, who assumed the role of deputy head of CIBC’s capital-markets business during a leadership restructuring last year, is reportedly a strong advocate for full-time, in-office work for his teams. This aligns with efforts by major US financial institutions, such as JPMorgan Chase & Co. and Goldman Sachs Group Inc., to return to pre-pandemic workplace practices.
In response to inquiries, CIBC spokesperson Andrew McGrath stated that the bank’s hybrid work policy remains unchanged and is tailored to individual roles. “At CIBC, the amount of time employees spend in the office depends on their role, taking into consideration things like the nature of their work and where they’ll best meet our clients’ needs,” McGrath said in an email to Bloomberg on Thursday.
“For some teams, that may mean more days in the office, and for others, it may mean more days working remotely,” he noted.
CIBC, Canada’s fifth-largest lender, employs approximately 48,000 people worldwide, according to its website.
This move comes as other financial giants refine their workplace strategies. JPMorgan Chase recently ended hybrid-work options for its workforce of over 300,000 employees globally, while Goldman Sachs has long required its staff to work full-time in-office. Citigroup, in contrast, maintains a three-day in-office policy for many of its employees.
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