By 1999, CIBC Oppenheimer changed its name to CIBC World Markets and positioned itself as CIBC's international investment bank. The CIBC World Markets unit suffered a net loss of C$186 million during the fourth quarter of fiscal 1998 which dragged down the performance of the parent bank's stock by almost one-third. The loss in 1998 was due primarily to very rapid expansion into regions impacted by the various financial crises in 1998. As a result, CIBC World Markets refocused its efforts primarily on the U.S. and Canadian markets, despite the seemingly global ambitions implied in the unit's name.