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{{Short description|Canadian online brokerage}}
{{Refimprove|date=October 2009}} {{More citations needed|date=October 2009}}


{{Infobox Company {{Infobox company
| name = CIBC Mellon | name = CIBC Mellon
| logo = ] | logo = CIBC Mellon logo.svg
| type = ] | type = ]
| foundation = ], ] ({{Start date|1996}})
⚫ | location_city = ]
⚫ | location_country = ]
⚫ | locations = 6 Offices (2009)
| area_served = ] | area_served = ]
| key_people = Mal Cullen (] and ])<br />Daniel J. Smith (])<ref name="appoint">{{Cite web|url=https://www.cibcmellon.com/en/newsroom/news/press-releases/cibc-mellon-names-daniel-j-smith-chair-of-cibc-mellons-boards-of-directors.jsp|title = CIBC Mellon Names Daniel J Smith Chair of CIBC Mellons Boards of Directors}}</ref>
| key_people = ], <small>] and ]</small><br>], <small>]</small><ref name="appoint"/>
| industry = ] | industry = ]
| services = Asset Servicing | services = Asset Servicing
| revenue = | revenue =
| operating_income = | operating_income =
| net_income = | net_income =
| owner = 50% ]; 50% ] | owner = {{ubl|] (50%)|] (50%)}}
| num_employees = 1,000 | num_employees = 1,800
| divisions = CIBC Mellon Trust Company (CMTC) and CIBC Mellon Global Securities Services Company (CMGSS) | divisions = CIBC Mellon Trust Company (CMTC) and CIBC Mellon Global Securities Services Company (CMGSS)
⚫ | footnotes = CMTC and CMGSS are sister companies to each other
⚫ | homepage =
| foundation = {{Start date and age|1996}}, in ], ], Canada
⚫ | footnotes = Note that CMTC and CMGSS are in fact Sister companies to each other, but operate seamlessly
⚫ | location_city = Toronto, Ontario
| intl = yes
⚫ | location_country = Canada
⚫ | locations = 6 Offices (2009)
⚫ | homepage = {{url|https://www.cibcmellon.com/en/home.jsp|cibcmellon.com}}
}} }}


'''CIBC Mellon''' was founded in 1996 as a ] between the ] (hereafter CIBC) and the ] (now ]) (hereafter Mellon) to offer asset servicing to institutional investors. While commonly known as CIBC Mellon, the company comprises two sister companies, '''CIBC Mellon ]''' and '''CIBC Mellon Global Securities Services Company''' (''Compagnie Trust CIBC Mellon'' and ''Société de services de titres mondiaux CIBC Mellon'' in French respectively). Based in ] CIBC Mellon offers asset servicing to corporate and institutional clients. '''CIBC Mellon''' is a ] founded in 1996 between the ] (CIBC) and then ] to offer asset servicing to institutional investors. Based in ], ], ], it comprises two sister companies, CIBC Mellon ] and CIBC Mellon Global Securities Services Company.


On 16 February 2010, the Wall Street Journal reported that BNY Trust Co. of Canada would be acquiring the corporate trust assets of CIBC Mellon.<ref>{{Cite news | last = Van Hasselt | first = Caroline | title = Canada's BNY Trust to Buy CIBC Mellon's Corporate Trust Business: Sources | newspaper = Wall Street Journal | date = 16 February 2010 | url = http://online.wsj.com/article/BT-CO-20100216-708834.html?mod=WSJ_Deals_LEFTLatestHeadlines | accessdate = 16 February 2010}} {{Dead link|date=October 2010|bot=H3llBot}}</ref> On 16 February 2010, ''The Wall Street Journal'' reported that BNY Trust Co. of Canada would be acquiring the corporate trust assets of CIBC Mellon.<ref>{{Cite news | last = Van Hasselt | first = Caroline | title = Canada's BNY Trust to Buy CIBC Mellon's Corporate Trust Business: Sources | newspaper = Wall Street Journal | date = 16 February 2010 | url = https://www.wsj.com/article/BT-CO-20100216-708834.html?mod=WSJ_Deals_LEFTLatestHeadlines | accessdate = 16 February 2010}} {{Dead link|date=October 2010|bot=H3llBot}}</ref> On 28 July 2010 it was reported that ] would acquire CIBC Mellon Trust Company's issuer services business (stock transfer and employee share purchase plan).<ref>{{Cite web |url=http://www.cibcmellon.com/Contents/en_CA/English/NewsRoom/BulletinsReleases/2010/PR20100728.html |title=CIBC Mellon and Pacific Equity Partners Sign Agreement for Purchase of Issuer Services Business |access-date=2010-07-28 |archive-url=https://web.archive.org/web/20101229040330/http://www.cibcmellon.com/Contents/en_CA/English/NewsRoom/BulletinsReleases/2010/PR20100728.html |archive-date=2010-12-29 |url-status=dead }}</ref>

On 28 July 2010 it was reported that ] would acquire CIBC Mellon Trust Company's issuer services business (stock transfer and employee share purchase plan).<ref></ref>


==Offices== ==Offices==


CIBC Mellon's head office is in Toronto at 320 Bay Street in the historic ]. CIBC Mellon holds the lease from the Ground to 12th Floor, and in 2002 restored the Banking Hall (which had been used by ]) for their use. CIBC Mellon's head office is in Toronto at 1 York Street. CIBC Mellon holds the lease from the fifth to tenth floor.


There are satellite offices in Canada:<ref>{{Cite web|url=https://www.cibcmellon.com/en/contact/index.jsp|title=Contact|website=www.cibcmellon.com|language=EN|access-date=2017-04-21}}</ref><ref name="newswire.ca">{{Cite web|url=http://www.newswire.ca/news-releases/cibc-mellon-expands-into-new-location-brings-150-jobs-to-mississauga-590002931.html|title=CIBC Mellon Expands into New Location, Brings 150+ Jobs to Mississauga|website=www.newswire.ca|language=en|access-date=2017-04-21}}</ref>
There are satellite offices in Canada:


* ], ] - 6th floor ] * ], ] - 6th floor ]
* ], ] - Suite 1401, ] * ], ]
* ] - 5th Floor, Richmond Court (150 Dufferin Avenue) * ] - 8th Floor, 255 Queens Ave.
* Mississauga, Ontario - 55 Standish Court, Suites 1200 and 1000
* ], ] - Suite 2020, 1 ] * ], ] - Suite 650, 1 1001 de Maisonneuve Blvd. West
* ], ] - Suite 1670 ] (1066 West Hastings Street) * ], ] - Suite 1670 ] (1066 West Hastings Street)


==History== ==History==


CIBC Mellon was founded in 1996 after CIBC joined with Mellon Financial Corporation in a 50-50 joint venture named CIBC Mellon Global Securities Services (CMGSS).<ref></ref> The following year, 1997, CIBC purchased a 50% stake in The R-M Trust Company from Mellon, which would become CMGSS's sister company, CIBC Mellon Trust Company (CMTC).<ref>Pittsburgh Post-Gazette, June 4, 1997, pp. C8; Mellon Sells Half of Unit</ref> CIBC Mellon acquired the Pension and Institutional Trust businesses from ] in 1997<ref>Toronto Star, May 8, 1997, pp. D7; Canada Trust Plans Sale</ref> and the global custody business from the ] in 1999.<ref>Pittsburgh Post-Gazette, May 18, 1999, pp. F1; Also in Business</ref> In 2002 CIBC Mellon acquired, from ], their third party investment fund custody business.<ref>http://www.efinancialnews.com/homepage/content/570779/printerfriendly/</ref> CIBC Mellon was founded in 1996 after CIBC joined with Mellon Financial Corporation in a 50-50 joint venture named CIBC Mellon Global Securities Services (CMGSS).<ref></ref> The following year, 1997, CIBC purchased a 50% stake in The R-M Trust Company from Mellon, which would become CMGSS's sister company, CIBC Mellon Trust Company (CMTC).<ref>Pittsburgh Post-Gazette, June 4, 1997, pp. C8; Mellon Sells Half of Unit</ref> CIBC Mellon acquired the Pension and Institutional Trust businesses from ] in 1997<ref>Toronto Star, May 8, 1997, pp. D7; Canada Trust Plans Sale</ref> and the global custody business from the ] in 1999.<ref>Pittsburgh Post-Gazette, May 18, 1999, pp. F1; Also in Business</ref> In 2002 CIBC Mellon acquired, from ], their third party investment fund custody business.<ref>{{Cite web|url=http://www.efinancialnews.com/homepage/content/570779/printerfriendly/|title = Financial News - Setting the agenda for the City}}</ref>


===Pacific Corporate Trust Company=== ===Pacific Corporate Trust Company===


In 1998 it seemed that CIBC Mellon would be acquiring the Pacific Corporate Trust Company of ]. That deal eventually fell through, and it was subsequently acquired by ] in 2005.<ref></ref><ref></ref> In 1998 it seemed that CIBC Mellon would be acquiring the Pacific Corporate Trust Company of ], ]. That deal eventually fell through, and it was subsequently acquired by ] in 2005.<ref></ref><ref>{{dead link|date=February 2019|bot=medic}}{{cbignore|bot=medic}}</ref>


===Felcom Data Services Acquisition=== ===Felcom Data Services acquisition===


On October 8, 2009, CIBC Mellon announced the acquisition of the unitholder recordkeeping and fund administration business of Felcom Data Services Inc., a wholly owned subsidiary of , for a purchase price of approximately C$4.2 million. CIBC Mellon indicated that they would offer employment to the majority of employees involved in the business lines acquired.<ref></ref> On October 8, 2009, CIBC Mellon announced the acquisition of the unitholder recordkeeping and fund administration business of Felcom Data Services Inc., a wholly owned subsidiary of , for a purchase price of approximately C$4.2 million. CIBC Mellon indicated that they would offer employment to the majority of employees involved in the business lines acquired.<ref>{{Cite web |url=http://cibcmellon.com/Contents/en_CA/English/NewsRoom/BulletinsReleases/2009/PR20091008.html |title=CIBC Mellon Press Release, October 8, 2009 |access-date=2009-10-20 |archive-url=https://web.archive.org/web/20160128223115/http://cibcmellon.com/Contents/en_CA/English/NewsRoom/BulletinsReleases/2009/PR20091008.html |archive-date=2016-01-28 |url-status=dead }}</ref>


===Sale of Issuer Services Business to Canadian Stock Transfer Company, Inc.=== ===Sale of issuer services business to Canadian Stock Transfer Company, Inc.===


On November 1, 2010, CIBC Mellon sold its issuer services business (stock transfer and employee share purchase plans) to Canadian Stock Transfer Company, Inc.<ref></ref> On November 1, 2010, CIBC Mellon sold its issuer services business (stock transfer and employee share purchase plans) to Canadian Stock Transfer Company, Inc.<ref></ref>
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==Structure== ==Structure==


CIBC Mellon is a 50-50 ] between CIBC and BNY Mellon. CIBC Mellon operates independently from both of its "owners". CIBC Mellon is a 50-50 ] between CIBC and BNY Mellon. CIBC Mellon operates independently from both of its "owners".


While both CMTC and CMGSS physically occupy the same space, and in essence operate as one company, each has a separate ] which overlap the other. The Executive Management Team, however, has authority over both companies. While both CMTC and CMGSS physically occupy the same space, and in essence operate as one company, each has a separate ] which overlap the other. The executive management team, however, has authority over both companies.


===Executive Management Team=== ===Leadership team===


The current Executive Management Team (as of March 2012) comprises the following:<ref></ref> The current leadership team (as of 2022) comprises the following:<ref>{{cite web | url=https://www.cibcmellon.com/en/who-we-are/leadership/index.jsp | title=Leadership &#124; CIBC Mellon }}</ref>


* Mal Cullen, president and chief executive officer
* ], President, Chief Executive Officer
* Richard Anton, senior vice president and chief operations officer
* David Colajezzi, Vice President, Head of Internal Audit
* Rob Ferguson, Senior Vice President, Capital Markets * Rob Ferguson, senior vice president, capital markets and shareholder relations
* Brian Lee, chief financial officer
* Kelly Hastings, Vice President, Chief Risk Officer
* Ash Tahbazian, chief client officer
* Mark R. Hemingway, Senior Vice President, Corporate Development, Governance and General Counsel
*Bill Graves, chief technology and data officer
* Claire Johnson, Senior Vice President, Chief Financial Officer
* Paul Cunliffe, head of corporate communications and marketing
* David S. Linds, Senior Vice President, Business Development and Relationship Management
* Kelly Hastings, chief risk officer
* Robert M. Shier, Senior Vice President, Chief Operations Officer
* Tedford Mason, general counsel
* Sue Simone, Senior Vice President, Human Resources and Corporate Communications
*Maple Tam, chief human resources officer
*Catherine Thrasher, strategic client solutions and global risk solutions, CIBC Mellon and BNY Mellon


==== Past Presidents and CEO's ==== ==== Past presidents and CEOs ====


* Douglas Nowers, 1996–1998 * Douglas Nowers, 1996–1998
* ], 1998–2009 * ], 1998–2009
* Thomas Monahan, 2009–2016<ref>{{Cite web|url=https://www.cibcmellon.com/en/newsroom/news/press-releases/cibc-mellon-names-steven-r-wolff-president-and-ceo.jsp|title=CIBC Mellon names Steven R Wolff President and CEO|website=www.cibcmellon.com|language=EN|access-date=2017-04-21}}</ref>
*Steven Wolff, 2017-2022


===Board of Directors=== ===Boards of directors===


The current board of directors (as of 2018) comprises the following:<ref>{{Cite web|url=https://www.cibcmellon.com/en/about-us/index.jsp#ir/boards-of-directors|title=About Us {{!}} CIBC Mellon|last=|first=|date=|website=www.cibcmellon.com|access-date=2018-02-16}}</ref>
The current Board of Directors (as of September, 2013) comprises the following:


* Vincent V. Sands, Chairman, CIBC Mellon Boards of Directors, and Executive Vice President, Asset Servicing, BNY Mellon * Daniel Smith, chairman, CIBC Mellon boards of directors and executive vice president, head of Americas asset servicing, BNY Mellon

* David Arnold, Executive Vice President, Finance Shared Services, CIBC
'''CIBC Mellon Global Securities Services Company'''
* Harry K. Culham, Managing Director and Group Co-Head, Wholesale Banking, CIBC World Markets

⚫ * Jeffrey Graham, Partner, Borden Ladner Gervais LLP
*Anne-Marie Dunn, senior vice-president, talent acquisition and development, human resources, CIBC
* Joseph F. Keenan, Managing Director, BNY Mellon
*John Ferren, senior vice-president and CFO, Canadian personal and small business banking, CIBC
* ], President & CEO, CIBC Mellon<ref name="appoint"></ref> ''CMT Director only''
⚫ *Jeffrey Graham, partner, Borden Ladner Gervais LLP
* James Slater, Global Head of Securities Lending, BNY Mellon
*Daniel Kramer, executive vice president, BNY Mellon Investment Services, and global head of client service delivery, BNY Mellon
* Richard E. Venn, Senior Executive Vice-President and Advisor to the CEO’s Office, CIBC
*Susan Rimmer, managing director and head, global corporate banking, CIBC World Markets Inc.
* E. Jennifer Warren, Senior Vice President, General Counsel (Canada), CIBC
*James Slater, executive vice president and global head of securities finance, BNY Mellon
The current ] is Elizabeth Earle.<ref name="TA1"></ref>
*Geoffrey Weiss, senior vice-president, deposits and product analytics, CIBC

'''CIBC Mellon Trust Company '''
* Thaddeus Duchnowski, managing director, global client management, BNY Mellon
*Anne-Marie Dunn, senior vice-president, talent acquisition and development, human resources, CIBC
*John Ferren, senior vice-president and CFO, Canadian personal and small business banking, CIBC
*David Gillespie, senior vice president of capital markets and wealth management operations, CIBC
*Jeffrey Graham, partner, Borden Ladner Gervais LLP
*Daniel Kramer, executive vice president, BNY Mellon Investment Services, and global head of client service delivery, BNY Mellon
*Susan Rimmer, managing director and head, global corporate banking, CIBC World Markets Inc.
*James Slater, executive vice president and global head of securities finance, BNY Mellon
*Geoffrey Weiss, senior vice-president, deposits and product analytics, CIBC
*Mal Cullen, president and CEO, CIBC Mellon


==== Chairmen ==== ==== Chairmen ====
Line 102: Line 118:
* Richard E Venn, until 2009 * Richard E Venn, until 2009
* ], until 2012 * ], until 2012
*Samir Pandiri, until 2018


==Securities Investigations== ==Securities investigations==


CIBC Mellon has been the subject of two securities investigations. The first, in 1998, involved the now defunct Pay Pop Inc. The second, in 2004, involved the disclosure of custodial information to an outside source. CIBC Mellon has been the subject of two securities investigations. The first, in 1998, involved the now defunct Pay Pop Inc. The second, in 2004, involved the disclosure of custodial information to an outside source.
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===Pay Pop Inc.=== ===Pay Pop Inc.===


In 1998, Alnoor Jiwan, a Manager in CIBC Mellon's Vancouver office, was approached by Pay Pop Inc. and asked whether CIBC Mellon could issue Pay Pop Inc. shares without the required disclaimer which stated that the securities were not registered with the ]. In 1998, Alnoor Jiwan, a manager in CIBC Mellon's Vancouver office, was approached by Pay Pop Inc. and asked whether CIBC Mellon could issue Pay Pop Inc. shares without the required disclaimer which stated that the securities were not registered with the ].


It was alleged by the SEC, in the subsequent investigation, that Mr Jiwan knew that the securities were not registered, but agreed to act as the transfer agent (in order to issue the stock certificates) in return for 820,000 Pay Pop shares. The SEC subsequently cited CIBC Mellon for acting as an unregistered broker and transfer agent, and for offering to sell unregistered securities in addition to alleging that the company was uncooperative in the investigation. It was alleged by the SEC, in the subsequent investigation, that Mr Jiwan knew that the securities were not registered, but agreed to act as the transfer agent (in order to issue the stock certificates) in return for 820,000 Pay Pop shares. The SEC subsequently cited CIBC Mellon for acting as an unregistered broker and transfer agent, and for offering to sell unregistered securities in addition to alleging that the company was uncooperative in the investigation.


Alnoor Jiwan was subsequently terminated for cause from CIBC Mellon, following the companies discovery of the transactions, and simultaneously ceasing all dealings with Pay Pop Inc.<ref>Toronto Star, February 17, 2005, p.D.4</ref> Alnoor Jiwan was subsequently terminated for cause from CIBC Mellon, following the company's discovery of the transactions, and simultaneously ceasing all dealings with Pay Pop Inc.<ref>Toronto Star, February 17, 2005, p.D.4</ref>


CMTC agreed to pay a civil monetary penalty of US$5 million and disgorgement of $889,773 and prejudgment interest of $140,270. CMTC agreed to pay a civil monetary penalty of US$5 million and disgorgement of $889,773 and prejudgment interest of $140,270.


CMTC was permanently enjoined from prescribed violations of Securities Act Section 5, Exchange Act Section 10(b) and Rule 10b-5, Exchange Act Section 15(a), Exchange Act Section 17A(c)(1), and from aiding and abetting future violations of Exchange Act Section 10(b) or Rule 10b-5. CMTC was permanently enjoined from prescribed violations of Securities Act Section 5, Exchange Act Section 10(b) and Rule 10b-5, Exchange Act Section 15(a), Exchange Act Section 17A(c)(1), and from aiding and abetting future violations of Exchange Act Section 10(b) or Rule 10b-5.


Payment was made on March 4, 2005. CMTC also consented, without admitting or denying the SEC complaint's allegations, to the entry of an SEC administrative order based on the Final Judgment on March 2, 2005. Pursuant to the Order, CMTC was censured and agreed to an undertaking to engage an independent consultant to review its relevant businesses and procedures.<ref name="TA1" /> Payment was made on March 4, 2005. CMTC also consented, without admitting or denying the SEC complaint's allegations, to the entry of an SEC administrative order based on the final judgment on March 2, 2005. Pursuant to the order, CMTC was censured and agreed to an undertaking to engage an independent consultant to review its relevant businesses and procedures.<ref name="TA1"></ref>


===Privacy Breach=== ===Privacy breach===


In 2004, a long-term employee of CIBC Mellon was terminated, after it had been discovered that they had been disclosing institutional holdings in certain companies to unidentified parties in return for gifts. It was reported that the employee had received hockey and baseball tickets as well as up to $100 in cash for tips on big investors who owned specific stocks. In 2004, a long-term employee of CIBC Mellon was terminated, after it had been discovered that they had been disclosing institutional holdings in certain companies to unidentified parties in return for gifts. It was reported that the employee had received hockey and baseball tickets as well as up to $100 in cash for tips on big investors who owned specific stocks.
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The disclosures were discovered when a temporary worker received a request for data through an email. The subsequent investigation, which included reviewing phone and email records, discovered that the employee had been disclosing information for years.<ref>Toronto Star, December 9, 2004, p. C.1</ref> The disclosures were discovered when a temporary worker received a request for data through an email. The subsequent investigation, which included reviewing phone and email records, discovered that the employee had been disclosing information for years.<ref>Toronto Star, December 9, 2004, p. C.1</ref>


===Related Party Transactions with Enron=== ===Related party transactions with Enron===


In 2003, ] paid out $80-Million in charges for complicity with ] with ]. While the involvement was not related to CIBC Mellon, as CIBC is a majority stakeholder, it was required that it be reported on the TA-1 to the SEC.<ref name="TA1" /> In 2003, ] paid out $80 million in charges for complicity with ] with ]. While the involvement was not related to CIBC Mellon, as CIBC is a majority stakeholder, it was required that it be reported on the TA-1 to the SEC.<ref name="TA1" />


==References== ==References==
{{Portal|Banks}}

{{Reflist}} {{Reflist}}


{{CIBC}} {{CIBC}}
{{BNY Mellon}}
{{Online brokerages}}


{{DEFAULTSORT:Cibc Mellon}} {{DEFAULTSORT:Cibc Mellon}}
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] ]
] ]
] ]
] ]
]

Latest revision as of 22:04, 1 August 2024

Canadian online brokerage
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.
Find sources: "CIBC Mellon" – news · newspapers · books · scholar · JSTOR (October 2009) (Learn how and when to remove this message)
CIBC Mellon
Company typeJoint venture
IndustryFinancial services
Founded1996; 28 years ago (1996), in Toronto, Ontario, Canada
HeadquartersToronto, Ontario, Canada
Number of locations6 Offices (2009)
Area servedCanada
Key peopleMal Cullen (president and CEO)
Daniel J. Smith (chairman)
ServicesAsset Servicing
Owner
Number of employees1,800
DivisionsCIBC Mellon Trust Company (CMTC) and CIBC Mellon Global Securities Services Company (CMGSS)
Websitecibcmellon.com
Footnotes / references
CMTC and CMGSS are sister companies to each other

CIBC Mellon is a joint venture founded in 1996 between the Canadian Imperial Bank of Commerce (CIBC) and then Mellon Financial Corporation to offer asset servicing to institutional investors. Based in Toronto, Ontario, Canada, it comprises two sister companies, CIBC Mellon Trust company and CIBC Mellon Global Securities Services Company.

On 16 February 2010, The Wall Street Journal reported that BNY Trust Co. of Canada would be acquiring the corporate trust assets of CIBC Mellon. On 28 July 2010 it was reported that Pacific Equity Partners would acquire CIBC Mellon Trust Company's issuer services business (stock transfer and employee share purchase plan).

Offices

CIBC Mellon's head office is in Toronto at 1 York Street. CIBC Mellon holds the lease from the fifth to tenth floor.

There are satellite offices in Canada:

History

CIBC Mellon was founded in 1996 after CIBC joined with Mellon Financial Corporation in a 50-50 joint venture named CIBC Mellon Global Securities Services (CMGSS). The following year, 1997, CIBC purchased a 50% stake in The R-M Trust Company from Mellon, which would become CMGSS's sister company, CIBC Mellon Trust Company (CMTC). CIBC Mellon acquired the Pension and Institutional Trust businesses from Canada Trust in 1997 and the global custody business from the Bank of Montreal in 1999. In 2002 CIBC Mellon acquired, from TD Financial Group, their third party investment fund custody business.

Pacific Corporate Trust Company

In 1998 it seemed that CIBC Mellon would be acquiring the Pacific Corporate Trust Company of Vancouver, British Columbia. That deal eventually fell through, and it was subsequently acquired by Computershare Limited in 2005.

Felcom Data Services acquisition

On October 8, 2009, CIBC Mellon announced the acquisition of the unitholder recordkeeping and fund administration business of Felcom Data Services Inc., a wholly owned subsidiary of Jovian Capital Corporation, for a purchase price of approximately C$4.2 million. CIBC Mellon indicated that they would offer employment to the majority of employees involved in the business lines acquired.

Sale of issuer services business to Canadian Stock Transfer Company, Inc.

On November 1, 2010, CIBC Mellon sold its issuer services business (stock transfer and employee share purchase plans) to Canadian Stock Transfer Company, Inc.

Structure

CIBC Mellon is a 50-50 joint venture between CIBC and BNY Mellon. CIBC Mellon operates independently from both of its "owners".

While both CMTC and CMGSS physically occupy the same space, and in essence operate as one company, each has a separate board of directors which overlap the other. The executive management team, however, has authority over both companies.

Leadership team

The current leadership team (as of 2022) comprises the following:

  • Mal Cullen, president and chief executive officer
  • Richard Anton, senior vice president and chief operations officer
  • Rob Ferguson, senior vice president, capital markets and shareholder relations
  • Brian Lee, chief financial officer
  • Ash Tahbazian, chief client officer
  • Bill Graves, chief technology and data officer
  • Paul Cunliffe, head of corporate communications and marketing
  • Kelly Hastings, chief risk officer
  • Tedford Mason, general counsel
  • Maple Tam, chief human resources officer
  • Catherine Thrasher, strategic client solutions and global risk solutions, CIBC Mellon and BNY Mellon

Past presidents and CEOs

  • Douglas Nowers, 1996–1998
  • Thomas C. MacMillan, 1998–2009
  • Thomas Monahan, 2009–2016
  • Steven Wolff, 2017-2022

Boards of directors

The current board of directors (as of 2018) comprises the following:

  • Daniel Smith, chairman, CIBC Mellon boards of directors and executive vice president, head of Americas asset servicing, BNY Mellon

CIBC Mellon Global Securities Services Company

  • Anne-Marie Dunn, senior vice-president, talent acquisition and development, human resources, CIBC
  • John Ferren, senior vice-president and CFO, Canadian personal and small business banking, CIBC
  • Jeffrey Graham, partner, Borden Ladner Gervais LLP
  • Daniel Kramer, executive vice president, BNY Mellon Investment Services, and global head of client service delivery, BNY Mellon
  • Susan Rimmer, managing director and head, global corporate banking, CIBC World Markets Inc.
  • James Slater, executive vice president and global head of securities finance, BNY Mellon
  • Geoffrey Weiss, senior vice-president, deposits and product analytics, CIBC

CIBC Mellon Trust Company

  • Thaddeus Duchnowski, managing director, global client management, BNY Mellon
  • Anne-Marie Dunn, senior vice-president, talent acquisition and development, human resources, CIBC
  • John Ferren, senior vice-president and CFO, Canadian personal and small business banking, CIBC
  • David Gillespie, senior vice president of capital markets and wealth management operations, CIBC
  • Jeffrey Graham, partner, Borden Ladner Gervais LLP
  • Daniel Kramer, executive vice president, BNY Mellon Investment Services, and global head of client service delivery, BNY Mellon
  • Susan Rimmer, managing director and head, global corporate banking, CIBC World Markets Inc.
  • James Slater, executive vice president and global head of securities finance, BNY Mellon
  • Geoffrey Weiss, senior vice-president, deposits and product analytics, CIBC
  • Mal Cullen, president and CEO, CIBC Mellon

Chairmen

Securities investigations

CIBC Mellon has been the subject of two securities investigations. The first, in 1998, involved the now defunct Pay Pop Inc. The second, in 2004, involved the disclosure of custodial information to an outside source.

Pay Pop Inc.

In 1998, Alnoor Jiwan, a manager in CIBC Mellon's Vancouver office, was approached by Pay Pop Inc. and asked whether CIBC Mellon could issue Pay Pop Inc. shares without the required disclaimer which stated that the securities were not registered with the SEC.

It was alleged by the SEC, in the subsequent investigation, that Mr Jiwan knew that the securities were not registered, but agreed to act as the transfer agent (in order to issue the stock certificates) in return for 820,000 Pay Pop shares. The SEC subsequently cited CIBC Mellon for acting as an unregistered broker and transfer agent, and for offering to sell unregistered securities in addition to alleging that the company was uncooperative in the investigation.

Alnoor Jiwan was subsequently terminated for cause from CIBC Mellon, following the company's discovery of the transactions, and simultaneously ceasing all dealings with Pay Pop Inc.

CMTC agreed to pay a civil monetary penalty of US$5 million and disgorgement of $889,773 and prejudgment interest of $140,270.

CMTC was permanently enjoined from prescribed violations of Securities Act Section 5, Exchange Act Section 10(b) and Rule 10b-5, Exchange Act Section 15(a), Exchange Act Section 17A(c)(1), and from aiding and abetting future violations of Exchange Act Section 10(b) or Rule 10b-5.

Payment was made on March 4, 2005. CMTC also consented, without admitting or denying the SEC complaint's allegations, to the entry of an SEC administrative order based on the final judgment on March 2, 2005. Pursuant to the order, CMTC was censured and agreed to an undertaking to engage an independent consultant to review its relevant businesses and procedures.

Privacy breach

In 2004, a long-term employee of CIBC Mellon was terminated, after it had been discovered that they had been disclosing institutional holdings in certain companies to unidentified parties in return for gifts. It was reported that the employee had received hockey and baseball tickets as well as up to $100 in cash for tips on big investors who owned specific stocks.

The disclosures were discovered when a temporary worker received a request for data through an email. The subsequent investigation, which included reviewing phone and email records, discovered that the employee had been disclosing information for years.

Related party transactions with Enron

In 2003, CIBC paid out $80 million in charges for complicity with its involvement with Enron. While the involvement was not related to CIBC Mellon, as CIBC is a majority stakeholder, it was required that it be reported on the TA-1 to the SEC.

References

  1. "CIBC Mellon Names Daniel J Smith Chair of CIBC Mellons Boards of Directors".
  2. Van Hasselt, Caroline (16 February 2010). "Canada's BNY Trust to Buy CIBC Mellon's Corporate Trust Business: Sources". Wall Street Journal. Retrieved 16 February 2010.
  3. "CIBC Mellon and Pacific Equity Partners Sign Agreement for Purchase of Issuer Services Business". Archived from the original on 2010-12-29. Retrieved 2010-07-28.
  4. "Contact". www.cibcmellon.com. Retrieved 2017-04-21.
  5. "CIBC Mellon Expands into New Location, Brings 150+ Jobs to Mississauga". www.newswire.ca. Retrieved 2017-04-21.
  6. New York Times, February 13, 1996
  7. Pittsburgh Post-Gazette, June 4, 1997, pp. C8; Mellon Sells Half of Unit
  8. Toronto Star, May 8, 1997, pp. D7; Canada Trust Plans Sale
  9. Pittsburgh Post-Gazette, May 18, 1999, pp. F1; Also in Business
  10. "Financial News - Setting the agenda for the City".
  11. CIBC Mellon Global Securities acquires Pacific Corporate Trust Co
  12. Computershare Acquires Pacific Corporate Trust Company
  13. "CIBC Mellon Press Release, October 8, 2009". Archived from the original on 2016-01-28. Retrieved 2009-10-20.
  14. Canadian Stock Transfer Company, Inc. Press Release, November 3, 2010
  15. "Leadership | CIBC Mellon".
  16. "CIBC Mellon names Steven R Wolff President and CEO". www.cibcmellon.com. Retrieved 2017-04-21.
  17. "About Us | CIBC Mellon". www.cibcmellon.com. Retrieved 2018-02-16.
  18. Toronto Star, February 17, 2005, p.D.4
  19. ^ TA1 dated January 12, 2011
  20. Toronto Star, December 9, 2004, p. C.1
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