Big Five Bank Reveals Plans to Grow Tech Team as AI Adoption Gains Steam

CIBC this week announced plans to hire more than 200 technology-related roles over the next 12 months.

Specifically, the Canadian bank is seeking to fill roles in the areas of data and artificial intelligence.

The emphasis aligns with CIBC’s new AI-focused strategy, which includes a strengthening of its relationship with the Vector Institute, a nonprofit corporation dedicated to advancing the field of AI.

“At CIBC, our AI strategy is underpinned by a commitment to up-skilling our workforce and fostering a culture of innovation and continuous learning,” stated Dave Gillespie, who serves as Executive Vice President of Infrastructure, Architecture, and Modernization at CIBC, recently. “This includes a focus on AI research and training for team members including senior leaders, to ensure that the entire organization is equipped to leverage the benefits of AI.”

As Generative AI solutions continue to evolve, CIBC has executed pilot programs based around the technology. New hires will enable CIBC to operationalize this AI at scale, and therefore enhance the experience for clients and team members, according to Christina Kramer, who functions as Group Head of Technology, Infrastructure, and Innovation for the Big Five bank.

“We strongly believe that using AI thoughtfully will add to the momentum we have across our bank in delivering for our stakeholders and executing on our client-focused growth strategy,” Kramer stated.

“Now is the right time to add to our talent base through hiring and up-skilling in data and AI focused roles, as we leverage this new technology to do more for our clients and deliver a better experience for team members,” she believes.

CIBC currently has more than 48,000 employees worldwide—but despite its quickly rising demand, AI remains a niche skill in Canada and outside of the high tech field. As a result, Canada’s talent war for AI continues to heat up.

“AI talent is in demand across the industry,” Kramer says, “and we have a compelling value proposition to join our strong team of professionals that have established AI capabilities inside our bank and built the right governance and structure around AI to ensure we’re using it thoughtfully to deliver on our business strategy.”

“Adding to our data and AI teams is an opportunity to continue to transform how we work and interact with our clients while enhancing our productivity and efficiency,” she stated.

CIBC boasts 14 million clients worldwide.