CIBC Wood Gundy
Encyclopedia
CIBC Wood Gundy is the is the Canadian retail brokerage division of CIBC World Markets
, a division of the Canadian Imperial Bank of Commerce
.
CIBC Wood Gundy maintains a network of 1,400 brokers working in over 100 branches across Canada. The company’s products include stock
s, bond
s, registered accounts
, money market
instruments and mutual funds It also offers insurance
as well as retirement
, estate
, and financial planning; investment advice and money management services.
The business was created in 1988 with the purchase of Wood Gundy by the Canadian Imperial Bank of Commerce
(CIBC). From 1988 through 1997, CIBC Wood Gundy was the universal name of CIBC's investment banking operations. However, the business was renamed after the acquisition of the investment banking operations of Oppenheimer & Co. in 1997. The business was subsequently renamed CIBC Oppenheimer and later CIBC World Markets
.
, Ontario
in 1905 by George Herbert Wood
and James Henry Gundy
. The firm first specialized in the distribution and underwriting of government and municipal bonds.
CIBC purchased a majority stake in Wood, Gundy & Co. in June 1988 for C$203 million. At the time of its acquisition, Wood Gundy was the leading Canadian investment dealer. Following the acquisition, CIBC formed CIBC Wood Gundy, which offered primarily asset management services for corporate and institutional clients. Two years later, in 1990, they continued to expand the Canadian securities business by acquiring much of Merrill Lynch & Company's Canadian business.
In 1997, CIBC Wood Gundy acquired the U.S. brokerage house Oppenheimer & Co.. After the acquisition the U.S. division took the name CIBC Oppenheimer, eliminating the use of the Wood Gundy brand through much of the bank. The brand was retained for CIBC's retail brokerage operations.
In December 2001, CIBC acquired the retail brokerage business of Merrill Lynch
, Merrill Lynch Canada, for an estimated $409 million. The acquisition of Merrill Lynch Canada, which it subsequently merged with its CIBC Wood Gundy business, greatly increased CIBC's own brokerage network, adding more than 1,000 brokers across Canada.
CIBC World Markets
CIBC World Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm operates as an investment bank both in the domestic and international equity and debt capital markets...
, a division of the Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce is one of Canada's chartered banks, fifth largest by deposits. The bank is headquartered at Commerce Court in Toronto, Ontario. CIBC's Institution Number is 010, and its SWIFT code is CIBCCATT....
.
CIBC Wood Gundy maintains a network of 1,400 brokers working in over 100 branches across Canada. The company’s products include stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
s, bond
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
s, registered accounts
Registered Retirement Savings Plan
A Registered Retirement Savings Plan or RRSP is a type of Canadian account for holding savings and investment assets. Introduced in 1957, the RRSP's purpose is to promote savings for retirement by employees. It must comply with a variety of restrictions stipulated in the Canadian Income Tax Act...
, money market
Money market
The money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit,...
instruments and mutual funds It also offers insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
as well as retirement
Retirement planning
Retirement planning, in a financial context, refers to the allocation of finances for retirement. This normally means the setting aside of money or other assets to obtain a steady income at retirement...
, estate
Estate planning
Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses...
, and financial planning; investment advice and money management services.
The business was created in 1988 with the purchase of Wood Gundy by the Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce is one of Canada's chartered banks, fifth largest by deposits. The bank is headquartered at Commerce Court in Toronto, Ontario. CIBC's Institution Number is 010, and its SWIFT code is CIBCCATT....
(CIBC). From 1988 through 1997, CIBC Wood Gundy was the universal name of CIBC's investment banking operations. However, the business was renamed after the acquisition of the investment banking operations of Oppenheimer & Co. in 1997. The business was subsequently renamed CIBC Oppenheimer and later CIBC World Markets
CIBC World Markets
CIBC World Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm operates as an investment bank both in the domestic and international equity and debt capital markets...
.
History
Wood, Gundy & Company was established in TorontoToronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
in 1905 by George Herbert Wood
George Herbert Wood
George Herbert Wood was a Canadian businessman who co-founded Wood Gundy and Company, stockbrokerage in Toronto, Ontario in 1905 with fellow former Dominion Securities employee James Henry Gundy. He retired from the business in 1930 and died in 1949....
and James Henry Gundy
James Henry Gundy
James Henry Gundy was a Canadian businessman who co-founded Wood Gundy and Company, stockbrokerage in Toronto, Ontario in 1905....
. The firm first specialized in the distribution and underwriting of government and municipal bonds.
CIBC purchased a majority stake in Wood, Gundy & Co. in June 1988 for C$203 million. At the time of its acquisition, Wood Gundy was the leading Canadian investment dealer. Following the acquisition, CIBC formed CIBC Wood Gundy, which offered primarily asset management services for corporate and institutional clients. Two years later, in 1990, they continued to expand the Canadian securities business by acquiring much of Merrill Lynch & Company's Canadian business.
In 1997, CIBC Wood Gundy acquired the U.S. brokerage house Oppenheimer & Co.. After the acquisition the U.S. division took the name CIBC Oppenheimer, eliminating the use of the Wood Gundy brand through much of the bank. The brand was retained for CIBC's retail brokerage operations.
In December 2001, CIBC acquired the retail brokerage business of Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
, Merrill Lynch Canada, for an estimated $409 million. The acquisition of Merrill Lynch Canada, which it subsequently merged with its CIBC Wood Gundy business, greatly increased CIBC's own brokerage network, adding more than 1,000 brokers across Canada.
External links
- CIBC Wood Gundy (company website)
- CIBC Wood Gundy (company website)
- http://www.cibcwoodgundy.com/james_leung (James Leung)