CIBC, Canada's fifth-largest lender, is asking its capital-markets bankers to return to the office full-time, five days a week. This move follows a trend among major Wall Street banks to revert to pre-Covid work norms. While CIBC maintains its hybrid work policy is unchanged, this directive specifically applies to its global corporate and investment-banking unit.
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Staff in CIBC’s global corporate and investment-banking unit have been asked to be on-site full-time, a request that was communicated verbally earlier this month, one of the people said, asking not to be identified discussing private matters. Bankers in the corporate and investment-banking division, which is part of the broader capital-markets unit, include debt-capital and equity-capital markets bankers as well as investment bankers who advise on mergers and acquisitions. Most have already been working at least four days per week in-office, the people said.
“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,” he said. “For some teams, that may mean more days in the office, and for others, it may mean more days working remotely.”
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