CIBC announces additional measures to support seniors, our team, and the community during COVID-19

TORONTO, March 24, 2020 /CNW/ - As the impacts of COVID-19 continue to be felt across our communities, CIBC (TSX: CM) (NYSE: CM) today announced further proactive measures to help clients, team members, and community organizations.

Specific measures include:

For clients:

• Recognizing that seniors represent one of our most vulnerable communities, CIBC is opening banking centres 30 minutes early at 9:30am for seniors on select dates, including this Friday March 27th and Monday March 30th to coincide with the date that assistance payments are issued by the government. Persons with disabilities are also welcome to visit our banking centres during this time.
• During other business hours, if a senior or a person with a disability visits our banking centre between 10am and 4pm, we have instituted a "you're next" policy, meaning we will proactively serve them by inviting these clients out of line and addressing their needs with our next available team member so we can get their needs addressed quickly and safely.
• We are also reaching out to senior clients who may need help with bill payments or other day to day transactions, but who are not able to make their usual visit to their local banking centre.
• "We recognize that our senior clients and persons with disabilities may have a harder time getting to their local banking centre, and we're enacting these new measures to give them a dedicated time to manage their banking as well as serve them quickly during regular business hours," said Laura Dottori-Attanasio, Senior Executive Vice-President and Group Head, Personal and Business Banking, CIBC. "Our local teams have deep relationships with our clients in their community, and these additional measures are meant to make it easier for these clients to keep up with their banking needs."

For our team:

• Team members will receive a $50 per diem for everyday they are required to work on site to perform their role, including client-facing roles and key operations support roles to maintain service levels for Canadians. This per diem is applicable to part time or full time team members and recognizes the critical role they play in serving our clients every day.
• All team members across CIBC are eligible for up to 10 additional paid days off to help manage the impact of COVID-19, including being there for family members and taking care of themselves during this challenging time.

"We are incredibly proud of our team who are providing a vital service to our clients with professionalism and purpose," said Sandy Sharman, Senior Executive Vice-President of Purpose, Culture and Brand. "Introducing additional relief for team members who need to be at work to help clients, and adding flexibility with more paid time off will help our team take care of our clients and take care of themselves as we work through this challenging period together." 

For our Communities:

Recognizing the vital work done by charities to support our local communities, and the urgent need to help these organizations at a time when normal fundraising activities are disrupted, CIBC announced $750,000 in charitable contributions last week, in response to the urgent need for aid, to be distributed to the following organizations:

• Canadian Food Centres Canada and their 'Good Food Access Fund' which will give vulnerable individuals including seniors access to take-away meal programs and enable them to quickly purchase food and supplies;
• United Way to help supply seniors, impacted communities and those unable to leave their homes with critical resources they need during this time;
• Kids Help Phone which will enhance their capabilities, enabling them to meet the surge in demand for their services, which are largely due to increased calls about navigating school closures, uncertainty about the future, family stress and social isolation;
• Canadian Blood Services as the critical need for blood continues, and in an effort to address a recent spike in appointment cancellations in several cities related to the COVID-19 pandemic;
• World Health Organization which delivers resources and international aid to frontline workers and affected countries.

"Charities and community organizations are literally a lifeline for many of our friends and neighbours in a time like this, and we have allocated our corporate donation to the causes that are essential right now to ensure we stay strong together," added Ms. Sharman.

About CIBC

CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

SOURCE CIBC