NEW YORK -- Canadian Imperial Bank of Commerce has hired a team of derivatives traders away from Lehman Brothers, including its former head of equity derivatives, Michael Rulle.
Mr. Rulle, who will head the business, will be joined by four other senior derivatives specialists, also from Lehman: Bruce Berger, Frank Gelardin, Eric Claus, and Jeff Seltzer.
The group will assume responsibility for CIBC@Wood Gundy's capital markets division, which encompasses all of the organization's derivatives activities and has operations in Toronto, New York, London, and Tokyo.
The Toronto-based bank is in the process of consolidating its commercial and investment banking operations with an emphasis on building capital-markets-related activities.
