Magazine article American Banker

CIBC Grabs 4 Citi Execs for Securitization Build-Up

Magazine article American Banker

CIBC Grabs 4 Citi Execs for Securitization Build-Up

Article excerpt

Canadian Imperial Bank of Commerce has lured away four key staffers from Citicorp's structured securitization team to set up a noninvestment-grade shop of its own.

Ken Wormser, John Gevlin, David Duncan, and Ralph Inglese migrated to CIBC this week.

Mr. Wormser and Mr. Gevlin join CIBC as managing directors; Mr. Duncan and Mr. Inglese, as directors. They are based in the New York office of the Toronto-headquartered banking company.

The hirings were the latest step in a buildup of CIBC's U.S. operations. Citicorp, which continues to regard securitization as a growing business, maintains a sizable securitization unit, despite losing some high-profile executives.

The team will focus on delivering securitization solutions to noninvestment-grade issuers as well as structuring collateralized loan and collateralized bond obligations and financing those through the public, private, or conduit markets.

The team will report to Michael J. Neilson, managing director and head of CIBC Wood Gundy's structured finance group.

"This is a tremendous piece of the jigsaw puzzle in our overall business," Mr. Neilson said. "It's an area we have wanted to expand for quite some time, and this team established a market presence in bond, loan, and debt offerings from a public and private underwriting business."

Through Sept. 18, CIBC estimated, it was the third-largest sponsor of multiseller asset-backed commercial paper programs nationwide, with a 6% market share.

Citicorp was the securitization leader in the same period, with a 28% share, followed by First Chicago NBD Corp. …

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