Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce

Background information

A study by Edinborough, Ross and Trigge, (2000) shows that Canadian Imperial Bank of Commerce is the fifth largest financial institution in the country. The organization headquarters are at commerce court in Toronto, Ontario. The World and Retail markets are the two strategic units of the bank. Also, the organization has international operations in Asia, United States, and the United Kingdom. The workforce exceeds 40000 and serves above eleven million clients (Edinborough et al., 2000). Edinborough et al., (2000) point out that the institution offers credit, capital market, research products and services to the government and also investment banking to clients and markets in the world. The bank holds position five in terms of size and market share. Edinborough et al., (2000) have drawn attention to the fact that diversification gives the organization a competitive edge compared to rival firms.

Reasons why Canadian Imperial Bank of Commerce require service of change and innovation

As Biech (2007) has indicated, the assistant would play the role of educating people about what to expect. The initiative helps avoid resistance, frustrations and confusion among the employees as well as clients therefore sustaining the profitability and survival of the bank and maintaining the innovative culture. The assistant would play the role of a project manager by coordinating the tasks performed by different organization workers in ensuring the realization of the goal of maintaining the corporate culture (Wood, 200). The agent is involved in a creative process of designing innovation and change activities. Also, developing innovation and change goals is a task performed by consultant thereby maintaining the organization culture (Wood, 2002)

 

How roles of a consultant impact the immediate and long-run success of Canadian Imperial Bank of Commerce

The role of consultant contributes positively to the success of the organization (Sims, 2002). Through education, the clients and members of staff become aware of the change to take place making the team adapt easily and quickly (Sims, 2002). Through organizing and coordinating projects, the innovative culture of the company maintains stability and bank survival. Sims (2002) states that focusing on future strategies and values by the agent enables the organization to have an effective plan leading to stability and operation improvement.

Bibliography

Biech, E. (2007). The business of consulting: The basics and beyond. San Francisco: Pfeiffer.

Edinborough, A., Ross, V., & Trigge, A. S. (2000). A History of Canadian Imperial Bank of Commerce. Toronto: Oxford University Press.

Sims, R. R. (2002). Changing the way we manage change. Westport, CT: Quorum Books.

Wood, P. (2002). Consultancy and Innovation: The business service revolution in Europe. London: Routledge.

 

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