CIBC (Canadian Imperial Bank Of Commerce) is eliminating up to 130 jobs in its Toronto finance department and outsourcing the work to India.
The staff losing their positions must train other local CIBC employees as part of the transition. Those employees then train the workers in India who will be taking over the jobs.
The jobs being outsourced are mainly accounting-related positions. CIBC has already let go some staff and the layoffs will continue to roll out over the course of the year.
The replacement workers in India are with the global consulting and outsourcing firm, Accenture, which is partnering with CIBC.