Mendes Leaves CIBC for Macro Strategy Role at Desjardins

(Bloomberg) -- Desjardins Securities Inc. has hired economist Royce Mendes to be its head of macro strategy, snatching the former central banker to lead a team doing research for the Quebec-based lender's clients. 

Mendes, who worked at Canadian Imperial Bank of Commerce for the past seven years, will start his new job in Toronto on Jan. 17. 

The macro strategy team sits within the economics branch of Desjardins and Mendes will report to Chief Economist Jimmy Jean. It's the first time the macro strategist role at Desjardins will be based in Toronto, according to Jean, who has been working a dual role as chief economist and strategist. 

Hiring Mendes is part of the firm's strategy to expand its presence in the Toronto market. The economics team there will grow over time to cover regional analysis and fiscal policy, Jean said. Mendes, who declined to comment, will oversee macro research for capital markets clients. 

At CIBC, Mendes published analysis of the Canadian economy and Bank of Canada policy. Prior to joining CIBC, he worked at the Ottawa-based central bank. 

CIBC is searching for a new director of economics, according to a job posting on the bank's website. 

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