Effective Nov. 1, the Toronto-based lender will move Jon Hountalas from group head of Canadian banking to chair of North American banking. Susan Rimmer will be the new group head of commercial wealth and Henry Culham will add oversight of CIBC’s global asset management business to his existing responsibilities as head of capital markets. Hratch Panossian will expand his responsibility for Simplii Financial, CIBC’s digital bank. (The Logic)

Talking point: CIBC CEO Victor Dodig, who has held the top job for about a decade, told Bloomberg the shuffle is intended “to make sure that we have a talented pool” of candidates to replace him when the time comes, although “that’s not right now.” The shakeup is its second since March, when the Big Five Bank swapped its CFO. It comes as the bank’s shares have been performing well, rising about 50 per cent over the past 12 months. The bank recently reported earnings that beat profit expectations and disclosed it set aside less money for bad loans than analysts had predicted.