Paco Torrado, a par trader at CIBC World Markets, has been let go by the firm as part of a round of layoffs. CIBC has announced intentions to reduce staff levels by approximately 240, primarily in the U.S. The cuts come as a result of the continued low level of business activity, particularly in investment banking, according to a company release.
One banker said Torrado's exit is part of the layoffs, rather than any substantive change in the way CIBC does the loan business. "The aim is to staff up once the market returns," said one official. Torrado, who spent six years at CIBC, declined to comment on the situation. He reported to Bill Swenson, head of par trading, who is still at the firm. Swenson referred questions to officials within the CIBC press office. A spokesman declined comment.