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CIBC Wood Gundy is the Canadian full-service retail brokerage division of CIBC World Markets Inc., a subsidiary of the Canadian Imperial Bank of Commerce (CIBC). Through its network of over 1,000 investment advisors working in 80 locations across Canada, CIBC Wood Gundy offers an array of investment and insurance products and services.
Wood Gundy Inc. was a leading Canadian stock brokerage and investment banking firm. Founded in 1905, it was acquired by the Canadian Imperial Bank of Commerce in 1988 as it attempted to build an investment banking business. The Wood Gundy name was used extensively by the bank's investment banking arm, which was known as CIBC Wood Gundy until 1997.
CIBC Wood Gundy (1988–1997) The original Wood Gundy company was established in Toronto in 1905 by George Herbert Wood and James Henry Gundy. CIBC purchased a majority stake in Wood Gundy in June 1988 for C$203.3 million. After the purchase, the CIBC formed CIBC Wood Gundy, which offered asset management services for corporate and ...
In 1997, CIBC Wood Gundy acquired Oppenheimer Holdings for $525 million and paid over for the next three years and included $175 million in order to retain the loyalty of key Oppenheimer executives who were not shareholders in the closely held private firm. When the deal was closed, the firm's name was changed to CIBC Oppenheimer Holdings.
Andrew Pyle (born c. 1963) is a Canadian economist, currently an advisor and portfolio manager with CIBC Wood Gundy in Peterborough, Ontario. Andrew also writes a weekly newsletter which can be found at pyle-group.com and also provides a monthly conference call. He also appears on BNN Bloomberg as well as other media outlets.
CIBC quickly took advantage of this and became the first Canadian bank to operate an investment dealer, CIBC Securities, offering services to the public. In 1988, CIBC acquired a majority interest in Wood Gundy which brought a well-respected name and reputation in underwriting.
James Henry Gundy (March 22, 1880 - November 10, 1951) was a Canadian businessman who co-founded Wood Gundy and Company, stockbrokerage in Toronto, Ontario in 1905. He was born in Harriston, Ontario and at age eighteen moved to Toronto, where he was employed by Central Canada Loan and Savings Co., a company started by George Albertus Cox .
In 1988, Rubin moved on to the brokerage firm Wood Gundy which was taken over by CIBC and became first CIBC Wood Gundy and then CIBC World Markets. He has accurately predicted fluctuations in interest rates and the value of the Canadian dollar.