Why CIBC is gambling with its mortgage business future
As reported on CanadianMortgageTrends.com, it had to make changes and it's hard to blame CIBC management for evaluating all options, including curtailing its broker business.
That said, selling FirstLine (the broker-lending division that CIBC has spent 17 years building) and retreating from the broker channel would be a monumental gamble.
The potential price of failure-for shareholders, consumers, and the executives calling these plays-is significant.
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