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hey..
thanks for sharing this information..

hi..

having read the article, it means that getting a CIBC credit card or doing any transactions would be risky and unsafe due to the debt they are currently facing?

do you think CIBC can overcome this situation or crisis they are undergoing?
they have been serving many people either in credit cards or other financial matters.

CIBC may have a huge debt to face due to the current financial crisis. CIBC may adjust the value of its structured credit run-off business as credit default swaps for financial guarantors tied to the portfolio widened in the third quarter.CIBC’s net income may be more than C$1 a share for the three-month period ending July 31.

Canadian Imperial Bank of Commerce, the country’s fifth-largest lender, may take a C$211 million ($202 million) debt writedown that would lower third-quarter profit, according to Cormark Securities Inc. analyst Darko Mihelic.

The writedown is equal to 55 cents a share, Mihelic said in a research report today.

Canadian Imperial was the hardest hit among the country’s banks during the financial crisis, recording C$10.9 billion in debt-related writedowns since the collapse of the U.S. subprime market in 2007. The Toronto-based bank has been unwinding the debt-related activities that led to the charges.

Courtesy of Bloomberg.Com

Credit Card Offers Canada

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