Jim Beqaj, who oversaw the expansion of Canadian Imperial Bank of Commerce's New York investment banking unit during the past two years, abruptly resigned last week.

Mr. Beqaj, 42, whom the bank had brought in to be president of CIBC Wood Gundy Securities Inc., will be replaced by deputy chairman Wayne Fox, 48. A spokesman said the bank was not aware of Mr. Beqaj's plans.

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