Michael Horrocks, who previously headed global FX for CIBC World markets, will take the helm of a new combined treasury unit of the parent bank and the World Markets division from November 1. In his new role, Horrocks reports to Wayne Fox, vice chairman of the parent bank.
Horrocks gave up his FX responsibilities at the beginning of September and is working on the merger of the two treasury groups. Horrocks says the bank has retrenched to be a North American bank, so any businesses that are not strategic to the core franchise is being scaled back, such as the London-based proprietary operation, which was closed in August.
FX has been folded into the fixed income umbrella, which is headed by Steve McGrirr, global head of debt capital markets. The FX responsibilities continue to be overseen by Karl Berger, who heads the trading side, and Craig Ellis, who oversees sales.
The bank is maintaining a presence in Toronto, New York and London, while the Asia risk taking operations have been concentrated in Tokyo.