CIBC's Nielsen Aims To Build New Focus On Forex In New York

BANKS

Canadian Imperial Bank of Commerce (CIBC) is planning to increase its strength in New York by building a non-Canadian dollar spot desk, a currency options desk and a proprietary FX desk. CIBC also plans to enhance its corporate FX capabilities in the U.S., sources say.

To lead this effort, the bank recently hired Peter Nielsen from Bank of America in Sydney to head its New York treasury operation (FX Week, June 7). Nielsen says he plans to increase the bank's foreign exchange presence in New