The firm first specialized in the distribution and underwriting of government and municipal bonds.

CIBC purchased a majority stake in Wood, Gundy & Co. in June 1988 for C$203 million.

[1] At the time of its acquisition, Wood Gundy was the leading Canadian investment dealer.

In 1997, CIBC Wood Gundy acquired the U.S. brokerage house Oppenheimer & Co. After the acquisition the U.S. division took the name CIBC Oppenheimer, eliminating the use of the Wood Gundy brand through much of the bank.

The acquisition of Merrill Lynch Canada, which it subsequently merged with its CIBC Wood Gundy business, greatly increased CIBC's own brokerage network, adding more than 1,000 brokers across Canada.