Canadian Imperial Bank of Commerce (CIBC), together with its subsidiaries, provides various financial products and services to corporate, government, and institutional clients in North America. It operates in two segments, Retail Markets and World Markets. The Retail Markets segment engages in the retail and wealth management businesses. It provides various financial products and services to individual and small business clients, as well as investment management services to retail and institutional clients. This segment also offers personal and small business banking, imperial services, retail brokerage, cards, mortgages and personal lending, and asset management services, as well as deposit products, including non-interest-bearing deposits and interest-bearing deposits. The World Markets segment provides integrated credit and capital markets products, investment banking, and merchant banking services to wholesale and corporate clients in North America. It offers capital markets and treasury, investment banking and credit products, commercial banking, and merchant banking services. CIBC serves its clients through various distribution channels, including online banking, telephone banking, branch network, and automatic bank machines. As of October 31, 2007, the bank operated approximately 1,048 branches and 3,730 automatic bank machines. CIBC was founded in 1867 and is headquartered in Toronto, Canada.