CIBC Wood Gundy Securities Corp. Names J. David Crammond Head of U.S. Fixed Income Trading.

NEW YORK, N.Y., Aug. 10, 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 J. David Crammond as head of U.S. fixed income trading.

Based in New York, Crammond will oversee the affiliate's fixed income and Yankee bond trading, and its expanding U.S. government securities unit.

CIBC Wood Gundy Securities Corp. recently hired 19 U.S. government securities specialists from S.G. Warburg after that institution was acquired by Swiss Bank Corporation.

CIBC Wood Gundy Securities Corp., which has had Section 20 powers since 1990, has since asked the Federal Reserve to grant it primary dealer status. Section 20 is the portion of the 1933 Glass-Steagall Act that permits an affiliate of a Federal Reserve member bank to participate in otherwise impermissible securities activities so long as the affiliate is not principally engaged in these activities.

Crammond, who brings 18 years of capital markets experience to his new assignment, is also a vice president and director of Wood Gundy Inc., the Toronto-based parent of CIBC Wood Gundy Securities Corp. He joined Wood Gundy Inc. in 1989 as head of fixed income in London, England; was promoted to head of fixed income and capital markets in 1991, and subsequently served as branch manager for Wood Gundy in England prior to relocating to New York in 1994.

A native of Toronto, Crammond began his career with Merrill Lynch in Toronto, and has also worked for Dominion Securities, Dillon Read and Irving Trust International.

CIBC Wood Gundy Securities Corp. (formerly Wood Gundy Corp.) became an affiliate of CIBC in 1988 when the bank bought majority ownership of Wood Gundy Inc. It has offices in New York and Boston. With assets of U.S. $116 billion, CIBC is one of the ten largest banks in North America and 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

Corporate Communications USA

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