CIBC Wood Gundy Securities Corp. Hires Joseph R. Liro as Chief Economist.

NEW YORK--Aug. 21, 1995--(BUSINESS WIRE)--CIBC Wood Gundy Securities Corp., the U.S. investment dealer affiliate of Canadian Imperial Bank of Commerce (CIBC), today announced the appointment of Joseph R. Liro as chief economist.

Liro, who is currently chief economist for S. G. Warburg & Co., will officially join CIBC Wood Gundy Securities Corp. in October. He'll be based in New York and report to Jeff Rubin, the chief economist at Wood Gundy Inc., CIBC Wood Gundy Securities Corp.'s Toronto- headquartered parent.

His responsibilities will include day-to-day monitoring, interpreting and forecasting of U.S. macroeconomic indicators, interest

The appointment of Liro follows the recent hiring of 18 U.S. government securities specialists from S.G. Warburg by CIBC Wood Gundy Securities Corp. These hirings were accomplished with the knowledge and cooperation of Warburg after it had been acquired by Swiss Bank Corporation (SBC), which had its own government securities team.

Liro, who joined Warburg's U.S. operation as a financial economist in 1986, previously served as a senior economist at the Financial Control Board for two years. Earlier in his career he was a professor in the graduate program of the University of Massachusetts School of Management and a staff researcher for the Board of Governors of the Federal Reserve System.

Liro holds a Ph.D. in economics from Syracuse University, where he graduated from the Maxwell School of Citizenship and Public Affairs, and a B.A.and M.A. in monetary economics from American University in Washington.

CIBC Wood Gundy Securities Corp. (formerly Wood Gundy Corp.) has offices in New York and Boston. It became an affiliate of CIBC in 1988 when the bank brought majority ownership of its parent, Wood Gundy Inc. In 1990, the Federal Reserve granted the firm Section 20 powers, which

With assets of (U.S.) $116 billion, CIBC is one of the ten largest banks in North America and the second largest financial institution in Canada. It has 40,000 employees in 15 countries.

CIBC and CIBC Wood Gundy Securities Corp. both maintain U.S. headquarters in New York. CIBC also has offices in Atlanta, Chicago, Houston, Los Angeles and San Francisco.

CIBC Wood Gundy Securities Corp., a New York Stock Exchange member, is an affiliate of Canadian Imperial Bank of Commerce (CIBC). CIBC Wood Gundy Securities Corp. is solely responsible for its contractual obligations and commitments. The CIBC trademark is used under license from CIBC. The Wood Gundy trademark is used under license from Wood Gundy Inc.

CONTACT: Robert S. Cole

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