Canadian Imperial Bank of Commerce said Thursday that it would slash 4,200 jobs, or 8% of its work force, as part of a restructuring to reduce annual operating costs by $339 million by the end of next year.

The restructuring was announced with the banking company's earnings report for the fourth fiscal quarter, which ended Oct. 31. CIBC, Canada's second-largest bank, recorded $200.8 million in charges during the period, dampening net income to $5.4 million, from $267 million in the third quarter and $23.1 million in the same period last year.

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