Canadian Imperial Bank of Commerce (CM:CA) Barclays 24th Annual Global Financial Services Conference September 15, 2026 9:45 AM EDT
Company Participants
Robert Sedran – Senior EVP, CFO & Enterprise Strategy
Conference Call Participants
Brian Morton – Barclays Bank PLC, Research Division
Presentation
Brian Morton
Barclays Bank PLC, Research Division
Okay. Welcome back. Our next presentation, we have Rob Sedran, CFO of CIBC from Canada. Welcome back, Rob.
Robert Sedran
Senior EVP, CFO & Enterprise Strategy
Thank you. Great to be here. Thanks for having us.
Question-and-Answer Session
Brian Morton
Barclays Bank PLC, Research Division
Thanks. Let’s just start off with, kind of, the market conditions in Canada. Over the past year, the word resiliency has often been used to describe both the consumer and commercial segments in Canada. Can you talk to some of the factors that you think are driving this resiliency? And how do you foresee these trends heading over the next 12 months?
Robert Sedran
Senior EVP, CFO & Enterprise Strategy
Yes, it’s interesting. The way you asked the question, it could almost be talking about the macro or it could be talking about our performance and the banking performance generally. And I would say it’s actually a good way to ask the question because it’s tough to have a resilient economy without a strong financial system. It’s tough to have a strong financial system without a resilient economy. And so we’re feeding off of each other a little bit.
Starting with the macro picture just generally, there’s — we’ve been in the trade spin cycle for the better part of 2 years now. But really, the effective tariff rate hasn’t changed meaningfully from where it was previously. And so you’ve seen generally that resilience on display in terms of the underlying enduring economic strength of Canada. Not everything is about exports, not everything is
