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Briefing

BlackRock vice-chairman Barbara Novick steps down after 32 years

Novick, who has been with the firm since she co-founded it in 1988, is considered one of the most influential women on Wall Street. She will become a senior adviser to the New York-based firm, which has US$7.4 trillion under management. (The Wall Street Journal)

CIBC cuts almost five per cent of its workforce after beating analyst expectations

The bank reported a $339-million restructuring charge mainly to pay for severance packages for the 2,200-plus employees it’s laying off, its biggest round in two decades. CIBC still beat analysts’ expectations for its first-quarter financial results: it reported a $1.2-billion quarterly profit, a nine per cent increase in adjusted net income to about $1.5 billion, and 63 per cent year-over-year net income growth in its capital markets business. (Financial Post)

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