Five years into Victor Dodig’s time as chief executive officer of CIBC, the performance gap between Canada’s fifth-largest bank and its peers is as wide as ever.
“Candidly, I think we went too far left in slowing things down, put the brakes on too hard,” Dodig, 54, told investors at a banking conference in September. “We’re readjusting for that.” The bank’s shares trade at a discount despite CIBC’s “de-risking” efforts because of management’s inability to communicate its changing strategies to investors, according to Barclays Plc bank analyst John Aiken.
CIBC’s mixed messages on mortgages and acquisitions are examples of issues that have confused investors, said Steve Belisle, a senior portfolio manager with Manulife Investment Management.
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