CIBC Q1 2008 Earnings

RBC Capital Markets, 29 February 2008CIBC's Q1/08 GAAP EPS were $(4.36), not as bad as our estimated loss of $5.67, primarily because write-offs related to CDOs/RMBS/CLOs/monolines were $600 million less than the $4.0 billion we had expected.The bank, as expected, was not in a position to assuage concerns over the ultimate value of CDOs, CLOs and monoline hedges.� We would have hoped to get