CIBC shares fall further as Canadians abandon bank

By Amy Chen

CIBC’s shares fell by more than a percentage point again today as more angry customers ditched the bank in protest over its decision to fire 130 Canadian workers and force them to train their replacements from India.

The CIBC (TSE: CM) stocks closed the day at $113.39, $1.45 down from the previous close.

CIBC’s share price has fallen by $3.81 or 3.25% since CBC broke the news of the outsourcing on March 30, wiping $1.5 billion off the bank’s market value.

Customers continued to abandon CIBC while publicly denouncing the bank and its CEO Victor Dodig.

“I closed my CIBC bank account and moved my money to a local credit union today,” Calgarian John Miller wrote in an open letter to CIBC shareholders. “I’m disgusted by your bank’s decision to fire 130 Canadian workers and put them through the indignity of training their replacements from India.”

“Your CEO Victor Dodig has the moral compass of a fentanyl dealer,” Miller added. “Both are well aware that their actions are destroying families, but, motivated by unbridled greed, they will do anything to maximize their profits.”

“You know if you outsourced the CEO position to India the savings would be enormous, considering he makes more than the 130 Canadian employees combined,” ‎Greg Kemball‎ of Victoria, BC wrote. “Now that your stock is starting to plummet maybe the board of directors could oust this anti Canadian? Food for thought.”

Federal NDP leadership hopeful Charlie Angus joined the chorus of voices calling for a boycott of CIBC.

“Making $1.4 billion in a single quarter wasn’t enough for the honchos at CIBC. Now they want to outsource jobs to India while gouging you on your bank transactions,” The federal MP for Timmins—James Bay said. “I cancelled my CIBC card a few years back. If you want to send a message to corporate Canada you can always vote with your feet. I suggest a regional or local credit union. They have your back.”

The offshoring of jobs to India is a part of CEO Dodig promise to cut $600-million in costs and drive profit growth to 10 per cent a year by 2018.

Dodig defended the outsourcing saying that “Companies that stand still don’t stand the test of time.”

The CEO earned an estimated $8.5 million last year, an increase of 40% from the year before.

3 Responses to CIBC shares fall further as Canadians abandon bank

  1. CIBC Shareholder says:

    Amy Chen, you have gone from being a mildly amusing to highly annoying. Please understand that we make in a minute what you make in a year writing for this rag. Do you have any idea how much this drop in stock prices is going to cost us? Of course you don’t. You’ve never had any money. Journalists are too poor to even dream of getting out of their parents’ basements.

    We’re asking you very kindly stop reporting on the CIBC outsourcing story immediately. Please remember that we own your politicians, the police, and the judiciary. We control every aspect of your life. Trying to annoy us is a bad idea.

    Please make sure that this is the last story you write about the outsourcing issues.

    Thanks!

  2. Troy says:

    That arrogant statement is the reason i dropped my businesses with cibc your large amount of $ is from hard working Canadians and you call us weak and poor unacceptable

  3. Alisha kujawski says:

    I got locked out of my bank account and they cost me close to 1000 dollars in bank fees and another 2000 alone in missed credit payments and late rent . They left me crying at the teller in cibc. Then finally I get back into my account which three weeks if trouble I went to the credit union down the street for the same reason . The information desk was able to do for me the same thing that took cibc 3 weeks of heartache and cost 5 seconds . Then to boot they held an interact direct payment of mine because it was suspicious. Why was it suspicious because I changed my email at the teller in my home branch. I will be taking my complaint higher if anyone cares to join me.

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