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Post-employment benefits (Tables)
 12 Months Ended
Oct. 31, 2025
Text Block [Abstract]  
Summary of Financial Position Related to Defined Benefit pensions and Other Post employment Plans
The following tables present the financial position of our defined benefit pension and other post-employment plans for Canada, the U.S., the U.K., and our Caribbean subsidiaries. Other minor plans operated by some of our subsidiaries are not material and are not included in these disclosures.
 
     Pension plans     Other post-employment plans  
$ millions, as at or for the year ended October 31
   
2025
     2024    
2025
      2024  
Defined benefit obligation
          
Balance at beginning of year
   
$
7,942
 
   $ 7,060    
$
419
 
    $ 422  
Current service cost
   
 
227
 
     190    
 
5
 
      5  
Interest cost on defined benefit obligation
   
 
386
 
     396    
 
20
 
      24  
Employee contributions
   
 
3
 
     4    
 
–
 
      –  
Benefits paid
   
 
(382
) 
     (365 )   
 
(30
)
      (32 ) 
Settlement payments
   
 
–
 
     (79 )   
 
–
 
      –  
Foreign exchange rate changes and other
   
 
4
 
     5    
 
–
 
      –  
Net actuarial (gains) losses on defined benefit obligation
   
 
80
 
     731    
 
6
 
      –  
Balance at end of year
   
$
  8,260
 
   $   7,942    
$
   420
 
    $    419  
Plan assets
          
Fair value at beginning of year
   
$
9,326
 
   $ 8,091    
$
–
 
    $ –  
Interest income on plan assets
(1)
   
 
462
 
     459    
 
–
 
      –  
Net actuarial gains (losses) on plan assets
(1)
   
 
385
 
     1,079    
 
–
 
      –  
Employer contributions
   
 
181
 
     146    
 
30
 
      32  
Employee contributions
   
 
3
 
     4    
 
–
 
      –  
Benefits paid
   
 
(382
) 
     (365 )   
 
(30
)
      (32 ) 
Settlement payments
   
 
–
 
     (79 )   
 
–
 
      –  
Plan administration costs
   
 
(7
) 
     (8 )   
 
–
 
      –  
Increase (decrease) due to plan settlements
   
 
–
 
     (10 )   
 
–
 
      –  
Foreign exchange rate changes and other
   
 
7
 
     9    
 
–
 
      –  
Fair value at end of year
   
$
9,975
 
   $ 9,326    
$
–
 
    $ –  
Net defined benefit asset (liability)
   
 
1,715
 
     1,384    
 
(420
)
      (419 ) 
Valuation allowance
(2)
   
 
(74
) 
     (47 )   
 
–
 
      –  
Net defined benefit asset (liability), net of valuation allowance
   
$
1,641
 
   $ 1,337    
$
(420
)
    $ (419 ) 
 
(1)
The actual return on plan assets for the year was a gain of $847 million (2024: gain of $1,538 million).
(2)
The valuation allowance reflects the effect of asset ceiling on plans with a net defined benefit asset.
Summary of Defined Benefit Assets (Liability) Net of Valuation Allowance Included in Other Assets and Other Liabilities
The net defined benefit asset (liability), net of valuation allowance, included in other assets and other liabilities is as follows:
 
     Pension plans     Other post-employment plans  
$ millions, as at October 31
   
2025
     2024    
2025
      2024  
Other assets
   
$
  1,678
 
   $   1,378    
$
  –
 
    $ –  
Other liabilities
   
 
(37
) 
     (41 )   
 
(420
) 
      (419 ) 
Net defined benefit asset (liability), net of valuation allowance
   
$
1,641
 
   $ 1,337    
$
  (420
) 
    $   (419 ) 
Summary of Defined Benefit obligation and Plan Assets by Region
The defined benefit obligation and plan assets by region are as follows:
 
     Pension plans      Other post-employment plans  
$ millions, as at October 31
   
2025
      2024     
2025
      2024  
Defined benefit obligation
            
Canada
   
$
  7,592
 
    $   7,291     
$
   391
 
    $   389  
U.S. and the Caribbean
   
 
668
 
      651     
 
29
 
      30  
Defined benefit obligation at end of year
   
$
8,260
 
    $ 7,942     
$
420
 
    $ 419  
Plan assets
            
Canada
   
$
9,006
 
    $ 8,441     
$
–
 
    $ –  
U.S. and the Caribbean
   
 
969
 
      885     
 
–
 
      –  
Plan assets at end of year
   
$
9,975
 
    $ 9,326     
$
–
 
    $ –  
Summary of Defined Benefit Plan Expense
The net defined benefit expense for our defined benefit plans in Canada, the U.S., the U.K., and the Caribbean is as follows:
 
 
  
Pension plans
 
 
Other post-employment plans
 
$ millions, for the year ended October 31
  
2025
 
 
2024
 
 
2025
 
  
2024
 
Current service cost
(1)
   
$
227
 
   $ 190    
$
5
 
    $ 5  
Past service cost
   
 
–
 
     –    
 
–
 
      –  
Interest cost on defined benefit obligation
   
 
386
 
     396    
 
20
 
      24  
Interest income on plan assets
   
 
(462
) 
     (459 )   
 
–
 
      –  
Interest expense on effect of asset ceiling
   
 
3
 
     1    
 
–
 
      –  
Special termination benefits
   
 
–
 
     –    
 
–
 
      –  
Plan administration costs
   
 
7
 
     8    
 
–
 
      –  
Net defined benefit plan expense recognized in net income
   
$
   161
 
   $    136    
$
  25
 
    $   29  
 
(1)
The 2025 and 2024 current service costs were calculated using separate discount rates of 4.88% and 5.61%, respectively, to reflect the longer duration of future benefits payments associated with the additional year of service to be earned by the plan’s active participants.
Summary of Net Remeasurement Gains (Losses) Recognized In OCI for Defined Benefit Plans
The net remeasurement gains (losses) recognized in OCI for our defined benefit plans in Canada, the U.S., the U.K., and the Caribbean are as follows:
 
 
  
Pension plans
 
 
Other post-employment plans
 
$ millions, for the year ended October 31
  
 
2025
 
 
 
2024
 (1)
 
 
 
2025
 
  
 
2024
 
Actuarial gains (losses) on defined benefit obligation arising from changes in:
          
Demographic assumptions
   
$
–
 
   $ (1 )   
$
–
 
    $    34  
Financial assumptions
   
 
(46
) 
     (768 )   
 
(4
) 
      (36 ) 
Experience
   
 
(34
) 
     38    
 
(2
) 
      2  
Net actuarial gains (losses) on plan assets
   
 
  385
 
       1,079    
 
   –
 
      –  
Changes in asset ceiling excluding interest income
   
 
(25
) 
     (30 )   
 
–
 
      –  
Net remeasurement gains (losses) recognized in OCI
   
$
280
 
   $ 318    
$
(6
) 
    $ –  
 
(1)
Includes the transfer of the accumulated actuarial losses of $5 million to retained earnings upon the settlement of a pension plan for one of our subsidiaries.
Summary of defined benefit obligation
The breakdown of the defined benefit obligation for our Canadian plans between active, deferred and retired members is as follows:

 
 
  
Pension plans
 
  
Other post-employment plans
 
$ millions, as at October 31
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Active members
   
$
  3,757
 
    $   3,558     
$
79
 
    $ 74  
Deferred members
   
 
510
 
      490     
 
–
 
      –  
Retired members
   
 
3,325
 
      3,243     
 
312
 
      315  
Total
   
$
7,592
 
    $ 7,291     
$
  391
 
    $   389  
Summary of Weighted Average Duration of Defined Benefit Obligation
The weighted-average duration of the defined benefit obligation for our Canadian plans is as follows:
 
     Pension plans      Other post-employment plans  
As at October 31
   
2025
      2024     
2025
      2024  
Weighted-average duration, in years
   
 
12.7
 
      12.9     
 
10.2
 
      10.3  
Summary of Major Categories of Defined Benefit Plan Assets
Plan assets
The major categories of our defined benefit pension plan assets for our Canadian plans are as follows:
 
$ millions, as at October 31
  
2025
     2024  
Asset category
(1)
        
Canadian equity securities
(2)
  
$
523
 
  
 
6
 % 
   $ 472       6  % 
Debt securities
(3)
        
Government bonds
  
 
5,794
 
  
 
64
 
     5,419       64  
Corporate bonds
  
 
315
 
  
 
4
 
     403       5  
 
 
6,109
 
  
 
68
 
     5,822       69  
Investment funds
(4)
        
Canadian equity funds
  
 
43
 
  
 
–
 
     35       –  
U.S. equity funds
  
 
421
 
  
 
5
 
     694       8  
International equity funds
(5)
  
 
45
 
  
 
–
 
     37       –  
Global equity funds
(5)
  
 
1,415
 
  
 
16
 
     1,150       15  
Fixed income funds
  
 
107
 
  
 
1
 
     103       1  
 
 
2,031
 
  
 
22
 
     2,019       24  
Other
(2)
        
Alternative investments
(6)
  
 
2,471
 
  
 
27
 
     2,399       28  
Cash and cash equivalents and other
  
 
249
 
  
 
3
 
     339       4  
Obligations related to securities sold under repurchase agreements and securities sold short
  
 
(2,377
) 
  
 
(26
) 
       (2,610 )      (31 ) 
   
 
343
 
  
 
4
 
     128       1  
Total
 
$
   9,006
 
  
 
100
 % 
   $ 8,441       100  % 
 
(1)
Asset categories are based upon risk classification including synthetic exposure through derivatives. The fair value of derivatives as at October 31, 2025 was a net derivative liability of $29 million (2024: net derivative liability of $30 million).
(2)
Pension benefit plan assets include CIBC issued securities and deposits of nil (2024: nil), representing nil of Canadian plan assets (2024: nil). All of the equity securities held as at October 31, 2025 and 2024 have daily quoted prices in active markets except hedge funds, infrastructure, and private equity.
(3)
All debt securities held as at October 31, 2025 and 2024 are investment grade, of which $372 million (2024: $285 million) have daily quoted prices in active markets.
(4)
$40 million (2024: $33 million) of the investment funds are directly held as at October 31, 2025 and have daily quoted prices in active markets.
(5)
Global equity funds include North American and international investments, whereas International equity funds do not include North American investments.
(6)
Comprised of private equity, infrastructure, private debt and real estate funds.
Summary of Weighted Average Principal Assumptions Used to Determine Defined Benefit Obligation
The weighted-average principal assumptions used to determine the defined benefit obligation for our Canadian plans are as follows:
 
     Pension plans    
Other post-employment plans
  
As at October 31
   
2025
     2024    
2025
     2024  
Discount rate
   
 
4.8
 % 
     4.8  %   
 
4.7
 % 
     4.8  % 
Rate of compensation increase
(1)
   
 
2.5
 % 
     2.5  %   
 
n/a
 
     n/a  
 
(1)
Rates of compensation increase for 2025 and 2024 reflect the use of a salary growth rate assumption table that is based on the age and tenure of the employees. The table yields a weighted-average salary growth rate of approximately 2.5% per annum (2024: 2.5%).
n/a
Not applicable
Summary of Longevities Underlying Values of Defined Benefit Obligation
Assumptions regarding future mortality have been based on published statistics and mortality tables. The current longevities underlying the values of the defined benefit obligation of our Canadian plans are as follows (in years):
 
As at October 31
   
2025
     2024  
Longevity at age 65 for current retired members
     
Males
   
 
23.6
    
     23.6  
Females
   
 
24.7
    
     24.7  
Longevity at age 65 for current members aged 45
     
Males
   
 
24.5
    
     24.5  
Females
   
 
25.6
    
     25.6  
Summary of Assumed Health-care Cost Trend Rates
The assumed health-care cost trend rates of the Canadian other post-employment plan providing medical, dental, and life insurance benefits are as follows:
 
For the year ended October 31
   
2025
     2024  
Health-care cost trend rates assumed for next year
   
 
4.9
 % 
     4.9  % 
Rate to which the cost trend rate is assumed to decline
   
 
4.0
 % 
     4.0  % 
Year that the rate reaches the ultimate trend rate
   
 
2040
  
     2040   
Summary of Affected Defined Benefit Obligation Due to Reasonable Possible Changes to Principal Actuarial Assumptions
Reasonably possible changes to one of the principal actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation of our Canadian plans as follows:
 
Estimated increase (decrease) in defined benefit obligation    Pension plans    
Other post-employment plans
  
$ millions, as at October 31
   
2025
    
2025
  
Discount rate (100 basis point change)
     
Decrease in assumption
   
$
  1,054
 
  
$
  44
 
Increase in assumption
   
 
(889
) 
  
 
(37
) 
Rate of compensation increase (100 basis point change)
     
Decrease in assumption
   
 
(205
) 
  
 
–
 
Increase in assumption
   
 
217
 
  
 
–
 
Health-care cost trend rates (100 basis point change)
     
Decrease in assumption
   
 
n/a
 
  
 
(13
) 
Increase in assumption
   
 
n/a
 
  
 
15
 
Future mortality
     
1 year shorter life expectancy
   
 
(167
) 
  
 
(8
) 
1 year longer life expectancy
   
 
161
 
  
 
8
 
 
n/a
Not applicable.
Summary of Expected Future Benefit Payments
The expected future benefit payments for our Canadian plans for the next 10 years are as follows:
 
$ millions, for the year ended October 31
    2026      2027      2028      2029      2030      2031–2035      Total  
Defined benefit pension plans
    $ 375      $ 387      $ 402      $ 417      $ 433      $ 2,374      $ 4,388  
Other post-employment plans
      26        27        27        28        28        142        278  
Total
    $   401      $   414      $   429      $   445      $   461      $   2,516      $   4,666  
Summary of Defined Contributions Plan Expense
We also maintain defined contribution plans for certain employees and make contributions to government pension plans. The expense recognized in the consolidated statement of income for these benefit plans is as follows:
 
$ millions, for the year ended October 31
   
2025
      2024  
Defined contribution pension plans
   
$
84
 
    $ 72  
Government pension plans
(1)
   
 
227
 
      197  
Total
   
$
  311
 
    $   269  
 
(1)
Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act.