Canadian Imperial Bank of Commerce CM-T is hiring investment banker Mark Mulroney as a vice-chair in the office of incoming chief executive Harry Culham.
Mr. Mulroney will join CIBC as global vice-chair, office of the CEO, on November 17. He is leaving his current job as a vice-chair at Bank of Nova Scotia, where he managed important relationships for the global banking and markets division for the past seven years.
CIBC confirmed Mr. Mulroney’s hiring in a memo that Mr. Culham sent to staff Wednesday afternoon, after The Globe and Mail reported the move.
Mr. Mulroney and spokespeople for CIBC and Scotiabank did not respond to requests for comment.
Hiring Mr. Mulroney is one of many changes CIBC is making to its senior executive ranks as Mr. Culham prepares to take charge on Nov. 1, when current CEO Victor Dodig retires after 11 years at the helm.
CIBC shakes up leadership ranks as Harry Culham prepares to step into CEO role
Earlier this week, CIBC chose a new CEO of its U.S. banking operations, Kevin Li, and named Christian Exshaw to succeed Mr. Culham as head of capital markets. The bank also appointed Amy South as chief of staff and executive vice-president, office of the CEO, and gave other top executives expanded roles.
By poaching Mr. Mulroney from Scotiabank, CIBC is getting an experienced investment banker with a broad network of contacts, who has worked in roles that aimed to break down barriers between different parts of an investment bank.
That included efforts to serve corporate borrowers more comprehensively through advisory work, such as helping with mergers or raising capital through equity or debt.
At CIBC, he will work closely with Mr. Culham and Ms. South, as well as deputy chair of capital markets Roman Dubczak, and vice-chair Peter Lee, the internal memo says.
He is the son of former prime minister Brian Mulroney and his wife Mila. His siblings are Ontario Treasury Board President Caroline Mulroney and radio and former television host Ben Mulroney.
Mark Mulroney previously raised money for federal Conservative Leader Pierre Poilievre, and helped introduce him to Bay Street executives.
Scotiabank hired Mr. Mulroney in 2018 to manage key corporate relationships for the bank, and he was soon after promoted to vice-chair in the corporate and investment banking division.
In 2023, he took over as head of financial sponsors – the unit that works with private equity firms and institutional investors – before he was elevated to vice-chair of global banking and markets last fall.
Before he joined Scotiabank, Mr. Mulroney worked on equity trading desks at National Bank Financial Inc. and RBC Dominion Securities Inc., and was an associate at Goldman Sachs Group Inc.