CIBC Hires Bobby Cummings to head Fixed Income Sales

written by James Wood on July 18, 2014 in News with no comments

(Bloomberg) Canadian Imperial Bank of Commerce hired Robert Cummings, the former co-head of corporate credit at KGS-Alpha Capital Markets LP, who resigned as the brokerage closed its bond trading unit.

Cummings, a co-founder of StormHarbour Securities LP and a former managing director at Citigroup Inc., will head the U.S. fixed-income sales team at the Toronto-based bank, he said in a telephone interview.

Tom Wallis, a spokesman for CIBC, declined to comment.

KGS-Alpha, which hired Cummings as co-head of corporate credit in July 2013, shuttered its investment-grade bond trading unit, according to a statement last week. The broker-dealer let go of two-thirds of its 15 high-grade bond traders and salesmen and reassigned five others, according to Emily Tracy, a spokeswoman for the New York-based firm.