A CIBC sign in Toronto's financial district in downtown Toronto is shown on Thursday, Feb. 26, 2009. Canadian Imperial Bank Of Commerce is considering a U.S. stock listing for its Caribbean bank subsidiary. THE CANADIAN PRESS/Nathan DenetteThe Globe and Mail
Canadian Imperial Bank of Commerce is searching for a new large-cap energy analyst.
Arthur Grayfer, who had been in the position at CIBC World Markets for four years, has resigned from the bank to take a job in institutional sales at Peters & Co. Ltd., the Calgary-based energy-focused dealer. Before joining CIBC, he worked at Canaccord Genuity.
The move comes as the oil and gas sector struggles to emerge from a three-year slump. Despite a rise in oil prices to near $60 (U.S.) a barrel, shares in Canada's energy companies remain in a funk. This is due partly to a slump in natural gas prices and a widening discount for Canadian heavy oil versus benchmark U.S. light crude.
Mr. Grayfer joins other noted energy analysts who have left their research jobs recently, including Dirk Lever, the former AltaCorp Capital Inc. energy infrastructure specialist. He is now vice-president of finance at Parkland Fuel Corp.
Mr. Grayfer is slated to start at Peters sometime in the first quarter of 2018.