CIBC World Markets continues to build its currency operation outside Toronto, and it looks as though the firm has yet to cease making FX hires in New York, London, and Hong Kong.
Just recently, the company-part of the Canadian Imperial Bank of Canada's wholesale banking arm-added a new currency specialist for its macro strategy outfit in London, announcing that Nick Mirtchev, formerly of 3D Currency Management, has joined the company as a director and FX strategist.
CIBC's macro strategy group is a cross-asset research and analytics team. To date, foreign exchange has remained a core and growing business for CIBC. After a swath of hires over the past year-including former Rabobank senior currency strategist Jeremy Stretch being named executive director and head of FX strategy for the bank's macro strategy division, in London-a Euromoney Web site quipped that "It's been three weeks since we reported a hiring by CIBC but normal service has now been resumed."
Stretch's appointment was announced last April, and he was to start in July, 2010. Since that announcement, CIBC has made hires in capital markets, fixed income, and more.
On March 1, former RBC executive Stephen Darling joined the firm's currencies team in London. Darling will report jointly to Duncan Rule, managing director and head of foreign exchange trading, and Karl Wildi, a capital markets managing director.
Mirtchev, CIBC's latest FX grab, has 13 years of experience, having worked in banking sector as an economist at HBOS Plc, as well as in in government. Most recently he was with 3D Currency Management in London, the Globe and Mail reported. Mirtchev reports to reports to Stretch.
Recently, eFinancialCareers reported that CIBC was one of four top Canadian banks singled out for praise for helping those new to the country and those with cross cultural issues to find meaningful employment.
Among other things, CIBC offers a special section on its Website for career applicants who are new Canadians.