Toronoto- and New York-listed CIBC president and chief executive Gerry McCaughey is to retire on April 30, 2016.

Toronoto- and New York-listed CIBC president and chief executive Gerry McCaughey is to retire on April 30, 2016.

“The board has a succession process underway and is committed to ensuring a seamless transition to new leadership while continuing to deliver value to all of our stakeholders,” said Charles Sirois, CIBC's chairman of the board

According to The StarPhoenix, CIBC is “eyeing big-ticket acquisitions” in the US as the firm seeks to boost earnings from wealth management to about 15 per cent of overall adjusted profits.

Indeed, the firm reported $114 million in net income from wealth management operations in the first quarter (ended January 31) of 2014, up by $25 million or 28 per cent, from a year ago.

For the Canadian group as a whole, the firm logged net income of $1.2 billion, compared with $785 million for the first quarter a year ago and $825 million in the prior quarter.