CIBC has decided to "selectively reduce a number of positions," the bank confirmed in an email to CBC News Thursday evening.
Spokesman Kevin Dove did not specify which jobs would be cut or how many, but an article published Thursday on the Wall Street Journal website said "more than 500 jobs" would be cut, citing anonymous sources.
"These reductions reflect an overall alignment of our resources that allows us to better serve our clients and ensure that we are operating efficiently," CIBC sokesman Kevin Dove said in the email statement sent to CBC.
The bank says it will be a "significant net recruiter" in 2015 with more than 5,000 hires in the next year.
The bank says its total number of full- and part-time employees is up 1,800 over the last two years, to almost 44,500.