CIBC offloading U.S. office loans at a discount

CIBC offloading U.S. office loans at a discount

Article content Canadian Imperial Bank of Commerce struck agreements to sell US$316 million of office loans in the United States at a discount. The bank reached deals with multiple buyers for loans backed by eight U.S. offices in cities including San Francisco, Seattle, Phoenix and Austin, according to a person with knowledge of the matter,…

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Bank earnings to take hit as risk of losses on office loans grows

Bank earnings to take hit as risk of losses on office loans grows

Article content As the risk of sizable losses on commercial real estate loans grows, Canadian banks’ earnings are poised to take a hit, according to the head of Canada’s financial-system regulator. “It’s likely that banks across the world are going to suffer some” commercial real estate losses “and they’re likely to be meaningful,” Peter Routledge,…

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