Gerald T. McCaughey | |
---|---|
Born | |
Education | Concordia University (BCom) |
Spouse | Joanne (partner) |
Gerald Thomas McCaughey (born 14 March 1956) is a Canadian businessman who was formerly president and CEO of the Canadian Imperial Bank of Commerce.
McCaughey was born and grew up in Winnipeg and attended parish schools before moving to Montreal in 1970.
At 17 McCaughey left home, spending his summers working on the railway tunnels in the British Columbia Interior from 1973 to 1976, and his winters studying at Concordia University. McCaughey graduated with a bachelor of commerce degree and took further bookkeeping courses, while working at a meat packing plant in Montreal. He joined Merrill Lynch Canada as broker in 1981. [1]
At Merrill Lynch McCaughey worked his way across the company's operations in Winnipeg, Edmonton and Montreal. [2]
In 1990 Merrill Lynch sold their private client operations in Canada to CIBC, McCaughey was an account executive and joined CIBC Wood Gundy. McCaughey eventually succeeded Tony de Werth as the head of Wood Gundy, the retail brokerage division of CIBC. McCaughey sold off USA brokerage Oppenheimer, sold the Guernsey operations, acquired TAL Global Asset Management, and purchased Merrill Lynch's Canadian brokerage (formerly Midland Walwyn Inc.).
Since joining CIBC, McCaughey has risen up the ranks within the bank:
As a result of several scandals with CIBC World Markets, McCaughey replaced David Kassie as chairman and chief executive officer of CIBC World Markets, while also retaining his existing responsibilities for wealth management. Kassie was initially seen as the next CEO of CIBC prior to the problems with World Markets, and shortly after departing CIBC he went on to found Genuity which led to accusations and a lawsuit for allegedly poaching senior World Markets staff. [3]
In 2005, McCaughey became president and chief operating officer of CIBC, making him the heir-apparent to CEO John Hunkin, while Brian Shaw succeeded McCaughey as chairman and chief executive officer of CIBC World Markets. In July 2005, McCaughey became chief executive officer when Hunkin's retirement date was pushed forward. [4] In 2008, Richard Nesbitt replaced Shaw as chairman and chief executive officer of CIBC World Markets. [5] [6] On June 11, 2013, Nesbitt was named chief operating officer of CIBC while also retaining his responsibility for World Markets. [7]
On April 24, 2014, CIBC announced that McCaughey would be retiring as CEO effective April 30, 2016, having "secured a period of up to two years of continuing leadership from him should it be required for an orderly transition while providing for the potential of an earlier retirement date should a successor for Mr. McCaughey be identified and ready to assume leadership of CIBC before that time". On July 31, 2014, CIBC announced the appointment of Victor Dodig as president and CEO which would be effective on September 15, 2014, which accelerated McCaughey and Nesbitt's retirements to September 15, 2014. [8]
McCaughey was paid $6.24 million in total direct compensation in 2009, according to the company's most recent annual proxy circular.
The Canadian Press reported on Thursday March 17, 2011, 8:36 pm EDT that "President and chief executive Gerald McCaughey's pay increased 50 per cent to $9.34 million last year."
Outside of banking, McCaughey serves various other boards:
In 2012 he was included in the 50 Most Influential list of Bloomberg Markets Magazine.
McCaughey is one of five siblings born to Thomas McCaughey, [9] a retired anesthetist (who now spends most of his time in Nepal) and French Canadian mother (his parents divorced in 1976). [10]
McCaughey lives in the downtown core of Toronto with longtime partner Joanne, an interior designer. They do not have any children. He reportedly does not own a car and lives in a modest condo. [11]
The Canadian Imperial Bank of Commerce is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario. The Canadian Imperial Bank of Commerce was formed through the 1961 merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, in the largest merger between chartered banks in Canadian history. It is one of two "Big Five" banks founded in Toronto, the other being the Toronto-Dominion Bank.
Wood Gundy Inc. was a leading Canadian stock brokerage and investment banking firm. Founded in 1905, it was acquired by the Canadian Imperial Bank of Commerce in 1988 as it attempted to build an investment banking business. The Wood Gundy name was used extensively by the bank's investment banking arm, which was known as CIBC Wood Gundy until 1997. Today, CIBC's investment banking business is known as CIBC World Markets, and the name CIBC Wood Gundy is used as the brand for the bank's retail brokerage business.
CIBC Wood Gundy is the Canadian full-service retail brokerage division of CIBC World Markets Inc., a subsidiary of the Canadian Imperial Bank of Commerce (CIBC). Through its network of over 1,000 investment advisors working in 80 locations across Canada, CIBC Wood Gundy offers an array of investment and insurance products and services.
CIBC Private wealth is the brokerage division of the Canadian Imperial Bank of Commerce (CIBC).
CIBC Capital Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm operates as an investment bank both in Canadian and global equity and debt capital markets. The firm provides a variety of financial services including equity and debt capital market products, mergers and acquisitions, global markets, merchant banking, and other investment banking advisory services.
The Schulich School of Business is the business school of York University located in Toronto, Ontario, Canada. The institution provides undergraduate and graduate degree and diploma programs in business administration, finance, accounting, business analytics, public administration and international business as well as a number of PhD and executive programs. Originally known as the Faculty of Administrative Studies (FAS), it was renamed in 1995 after Seymour Schulich, a major benefactor who has donated $15 million to the school. The Dean of the School, Detlev Zwick, was appointed in 2021 after having served as Interim Dean for 15 months.
E*TRADE from Morgan Stanley, a subsidiary of Morgan Stanley, offers an electronic trading platform to trade financial assets.
William Allen Schreyer was chairman emeritus and former CEO of Merrill Lynch & Co., where he worked for 45 years total, eight of them as chairman and CEO. He was also a noted philanthropist and served as former president of Pennsylvania State University's Board of Trustees.
Merrill Lynch & Co., formally Merrill Lynch, Pierce, Fenner & Smith Incorporated, was a publicly-traded American investment bank that existed independently from 1914 until January 2009 before being acquired by Bank of America and rolled into BofA Securities.
Royal Securities Corporation Limited was a stock brokerage firm founded in Halifax, Nova Scotia, Canada in early 1903 by John F. Stairs, its first president. The company was the first brokerage firm to be opened east of Montreal, Quebec, the then financial center of Canada.
Richard William Nesbitt is a Canadian financial executive who currently manages KalNes Capital Partners' partner. Previously, he was the president and CEO of Global Risk Institute and CEO of Toronto Stock Exchange.
RBC Dominion Securities was the brand used by Royal Bank of Canada for full service brokerage services, primarily in Canada, and formed part of RBC's Wealth Management and Capital Markets divisions. Today, RBC Dominion Securities is known as RBC Capital Markets and RBC Wealth Management.
James Patrick Gorman is an Australian-American businessman and financier. He has been executive chairman of Morgan Stanley since 2012, and was CEO of the firm from 2010 through 2023. Before becoming CEO, he was the co-president and co-head of strategic planning at the firm.
Oppenheimer Holdings Inc. is an American multinational independent investment bank and financial services company offering investment banking, financial advisory services, capital markets services, asset management, wealth management, and related products and services worldwide. The company, which once occupied the One World Financial Center building in Manhattan, now bases its operations at 85 Broad Street in New York City.
CIBC Mellon is a joint venture founded in 1996 between the Canadian Imperial Bank of Commerce (CIBC) and then Mellon Financial Corporation to offer asset servicing to institutional investors. Based in Toronto, Ontario, Canada, it comprises two sister companies, CIBC Mellon Trust company and CIBC Mellon Global Securities Services Company.
Thomas S. Monahan is the President and CEO of CIBC Mellon succeeding Thomas C. MacMillan. Mr. Monahan was born in Arvida, Quebec, and is a native of Montreal, Quebec and has a bachelor of commerce degree from the McGill University Desautels Faculty of Management, and a degree from Vanier College.
Merrill, previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and once occupied the entire 34 stories of 250 Vesey Street, part of the Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial advisors and manages $2.8 trillion in client assets. The company also operates Merrill Edge, a division for investment and related services, including call center counsultancy.
Anthony Richard Graham is a Canadian businessman based in Toronto, Canada. He is presently president and chief executive officer of Sumarria Inc. and chairman of Graymont Limited.
Victor George Dodig is a Canadian banker who since 15 September 2014 has been the president of the Canadian Imperial Bank of Commerce. Dodig began his career in 1994 with McKinsey, then from 1997 to 2002 worked for Merrill Lynch. In 2002 he joined UBS in Toronto. Dodig was hired by CIBC in 2005 as an executive vice president. In 2014, he succeeded Gerald T. McCaughey to become the bank's president.
Paul G. S. Cantor, LLB, was a Canadian lawyer, educator, and executive who worked in the private, public and non-profit sectors. He was a member of the Order of Canada, Canada's highest civilian honour.