CIBC is not the only Canadian bank looking to expand its presence in the U.S. wealth management market. Earlier this year, Royal Bank of Canada said it would buy Los Angeles-based City National Corp for $5.4 billion.
Dodig said he is also looking to increase spending on technology, an area other Canadian banks have also been pursuing.
Earlier in April, Bank of Nova Scotia Chief Financial Officer Sean McGuckin said the lender would invest "significantly more" in technology over the next three years.