John Hunkin navigates CIBC through chaos after major acquisition

John Hunkin, born on April 14, 1945, in Toronto, served as CEO of the Canadian Imperial Bank of Commerce (CIBC) and significantly influenced Canadian banking. He began his career at CIBC in 1969 and helped steer the bank after its acquisition of Wood Gundy, marking a critical transition in its focus toward investment banking. Hunkin’s tenure was notably marked by dealing with the aftermath of the Enron scandal, culminating in CIBC's settlement of a class-action lawsuit for $2.4 billion in 2005. This settlement was higher than those paid by Citigroup and J.P. Morgan, demonstrating the gravity of the situation for CIBC. During his time at CIBC, Hunkin’s leadership was essential in managing both the opportunities and challenges that arose from transforming the bank's strategic direction amid changing market conditions. Hunkin emphasized teamwork and shared responsibility in leading a large corporation, stating that success is a collective effort. His commitment to the bank extended to various philanthropic avenues, particularly with St. Michael's Hospital, which benefited from significant donations attributed to his efforts on the board of the foundation. His understanding of the investment banking side facilitated his ascent to CEO in 1999, succeeding in an era when Canadian banks were navigating a sea of regulatory changes and market competition. Hunkin's dedication to CIBC and its broader mission earned him a place in the Order of Canada in 2019, recognizing his contributions to the financial sector and the community. After retiring from CIBC, Hunkin moved with his wife to Chester, Nova Scotia, where he enjoyed a quieter life reflecting on his impactful career. He passed away on January 6 at the age of 79, leaving behind a legacy that shaped CIBC and the Canadian banking landscape. His tenure is remembered for his inspiring leadership and significant accomplishments that positioned CIBC as a prominent player in Canadian finance.