As neighbours in Scarsdale, one of New York City’s classier suburbs, Nathan Gantcher, then Oppenheimer president, and Andrew Heyer, a managing director in Canadian Imperial Bank of Commerce Wood Gundy’s US high-yield-bond unit, liked to talk shop. And when a proposed sale of Oppenheimer to Bayerische Vereinsbank fell through two years ago, the chats turned to a CIBC-Oppenheimer merger. Glass-Steagall rules prohibiting certain investment and commercial banking combinations meant this was then speculative fantasy. Still, Heyer was struck by the firms’ affinity.
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