CIBC Q2 2006 Earnings

The Globe and Mail, Paul Waldie, 2 June 2006The Canadian Imperial Bank of Commerce is on track to cut costs by more than $500-million this year, double the bank's own target.Gerald McCaughey, CIBC's president and chief executive officer, has made cost cutting a top priority and vowed last year to bring the bank's efficiency ratio -- a measure of how much the bank has to spend to earn one dollar