CIBC profit drops less than expected as it eyes bigger deals

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By Cameron French TORONTO (Reuters) – Quarterly profit at Canadian Imperial Bank of Commerce fell by nearly two-thirds due to a charge taken by its Caribbean unit, the bank said on Thursday, but the result topped analysts’ estimates and CIBC’s chief executive signaled a willingness to pay more for acquisitions. CEO Gerry McCaughey has targeted wealth management as a business he’d like to expand …

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