Posted AT 2:11 PM EST on 29/05/08
CIBC loss caps dismal showing for banks
Canadian Imperial Bank of Commerce, the last big bank out of the gate with its second-quarter results, disappointed analysts Thursday with a loss of $1.11-billion, compared to a profit of $807-million a year ago.
The results included a $2.48-billion pre-tax hit from the bank's exposure to complex securities, mostly relating to the U.S. subprime mortgage market and bond insurers.
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