OvertimeIt's very interesting how so many people jump on the bandwagon and condemn CIBC over the payment of overtime before all the facts are in. I previously worked for CIBC for many years and know for a fact that they have a comprehensive overtime policy that calls for the payment of overtime when legitimately worked. In fact I beleive that all Banks have such a policy. There is no doubt however that some branch managers ignore the policy in an effort to make their branchs more profitable and their bonuses bigger. These managers should be penalized. However overall I believe the majority of CIBC managers follow the Banks overtime policy.
It appears to me that this one teller, who may or may not have a legitimate complaint has found a couple of third rate lawyers who, for the sake of publicy and MONEY have decided to launch this suit.
I think the shareholders should launch their own class action suit against the teller and the lawyers for the negative impact that this suit is having on the stock price. Perhaps then people may think about looking to arbitration to settle such disputes in the future, rather then unnecessary legal action.
Time will tell and, while there may be some financial fall-out for CIBC I beleive the Bank will weather this storm and continue to be successful.
Further, this action reportedly covers previous years when the Bank was under the stewardship of HUNKIN who, as we all know was a disaster. I believe that the new CEO has a genuine respect for his employees and is turning this mammoth around. I'm confident that the future looks brighter.
In any event lets all keep our negative comments to ourselves until all facts are in.
Thanks