TORONTO - CIBC chief executive Gerry McCaughey says Canada's credit-card industry's losses could start to subside if the economy improves as expected.
Canadian Imperial Bank of Commerce is considered the largest credit card player in the country, which means it has the most exposure to credit card losses.
McCaughey told an investor conference Tuesday morning that if the economy starts to pick up the pace in the new year, as the bank expects, then industry-wide credit card loan losses would start to subside in the near term.
The bank's overall operations have posted more than $10 billion in writedowns over the past two years.
