Wood Gundy Inc.
 |
|
| Acquired | |
| Industry | Financial services |
| Fate | Acquired by Canadian Imperial Bank of Commerce |
| Successor |
CIBC Wood Gundy CIBC World Markets |
| Founded | 1905 |
| Defunct | 1988 |
| Headquarters | Toronto, Ontario, Canada |
| Products | Brokerage |
Wood Gundy Inc. was a leading Canadian stock brokerage and investment banking firm.
The firm, which was founded in 1905 was acquired by the Canadian Imperial Bank of Commerce in 1988 as it attempted to build an investment banking business. The Wood Gundy name was used extensively by the bank's investment banking business, which was known as CIBC Wood Gundy until 1997. Today, CIBC's investment banking business is known as CIBC World Markets and CIBC Wood Gundy is used as the brand for the bank's retail brokerage business.
Wood, Gundy & Company was established in Toronto, Ontario in 1905 by George Herbert Wood and James Henry Gundy. The firm first specialized in the distribution and underwriting of government and municipal bonds In 1919, the firm opened an office in New York City. Founded as a partnership, the firm incorporated in 1925.
Following World War II, Wood Gundy Inc. expanded its operations, starting to underwrite and distribute securities of Canadian corporations. Continued growth was driven through Canada's increasing industrialization and growing population, leading to greater demand for capital and investment securities. This expansion transformed Wood Gundy Inc. into a full-service investment house. Wood Gundy was the first Canadian dealer to open an office in Tokyo and the first firm to employ a female trader on the floor of the .
The operations of the company, then called "Wood, Gundy & Company Limited" were split into two newly incorporated companies in 1962. The first, responsible for investment dealer operations, was called "Wood Gundy Securities Limited". The second, responsible for the investment holding business, was named "Wood Gundy Holdings Limited". These two firms existed until the early 1970s, when they reunited as a single firm under the name "Wood Gundy Limited". At this time, Charles Gundy, the son of the founder, was Chairman. Wood Gundy remained the largest brokerage and securities firm in Canada through the early 1980s when the merger of Dominion Securities and A.E. Ames created the largest firm in the country.
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