11:03 AM EDT, 08/07/2024 (MT Newswires) -- Canadian Imperial Bank Of Commerce ( CM ) on Wednesday said it is collaborating with Creative Destruction Lab (CDL), a nonprofit focused on innovation in AI technology, to help "future-proof" organizations.

As a participant in CDL's Putting AI to Work Program, CIBC will be part of a cohort of organizations from various sectors, and will have access to ongoing learning from AI industry leaders and experts. The cohort will participate in a 12-month program designed to facilitate the development and sharing of best practices.

"Working with Creative Destruction Lab gives CIBC a unique opportunity to work with industry leaders in furthering our approach to AI and how it can be leveraged to deliver against our client-focused strategy," said Dave Gillespie, Executive Vice-President, Infrastructure, Architecture and Modernization, CIBC. "We're committed to operationalizing the opportunities AI presents and doing so thoughtfully with the right governance, to add value for clients and enhance the experience for our team members."

CIBC said it plans to hire more than 200 AI and data roles to boosts its AI capability.

The bank's shares were last seen up $0.15 to $68.77 on the Toronto Stock Exchange.

Price: 68.73, Change: +0.11, Percent Change: +0.16