CIBC Says Third Wave of Returning Staff Depends on Headquarters

(Bloomberg) -- Canadian Imperial Bank of Commerce's new Toronto headquarters will play a role in when the company returns employees to the office.

Canada's fifth-biggest bank said it expects “a small number” of employees to come back in the fall in a second wave of returns, but a majority of those currently working at home will keep doing so into 2021. Timing for the next wave will depend partly on when staff can move into an office complex that's under construction.

“As we plan for the third wave, we will align our decisions and timing around our long-term real estate plans, including the move to CIBC Square for many of our team members in the Greater Toronto Area,” Sandy Sharman, the senior executive vice president overseeing human resources, said Friday in an internal memo seen by Bloomberg.

A CIBC representative had no immediate comment on the plans.

The company, which is expected to start occupying CIBC Square by the end of the year, began revisiting floor designs and making adjustments to meeting rooms, workstations and seating at the skyscraper when the Covid-19 pandemic broke out.

CIBC is the fourth major Canadian lender advising employees that they'll be working from home until at least the end of the year as part of efforts to fight the spread of the virus.

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