Canadian Imperial Bank of Commerce (CIBC) is cutting over 500 jobs companywide, in a bid to improve operational efficiency.
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The Toronto-based lender said in a statement: "These reductions reflect an overall alignment of our resources that allows us to better serve our clients and ensure that we are operating efficiently."
CIBC however, added that it also plans to add more jobs than it slashes throughout 2015, as well as plans to hire over 5,000 employees in the next year.
The bank reportedly comprised about 44,424 full-time employees in 2014.
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