The document discusses the Toronto Financial Services Cluster. It notes that Toronto is home to the headquarters of Canada's 5 largest banks and houses 80% of foreign bank headquarters. With over 1,700 financial firms, Toronto has the 3rd largest concentration of financial services employment in North America. The cluster benefits from partnerships with UofT and York University. While it has a large skilled labor pool and central location, weaknesses include high real estate costs and lack of national regulation. Competition comes from London, New York (ranked 1st globally), and Hong Kong (ranked 3rd). The document provides details on the financial clusters in these other cities.
2. What is a Cluster? A cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Clusters are considered to increase the productivity with which companies can compete, nationally and globally. Clusters are also catalysts for Innovation
3. GTA Financial Services Cluster Headquarters of Canada’s 5 largest banks. Houses 80% of the headquarters of foreign banks. Houses 1,700 financial services firms Benefits from strong partnerships with UofT and York University Third largest concentration of financial services employment in North America
4. GTA Financial Services Cluster SWOT Strengths Large available, skilled labour pool Existing critical mass of financial services institutions, including the TSE Central location of the financial services sector makes it the most accessible area within the GTA
5. GTA Financial Services Cluster SWOT Weaknesses Lack of National-level regulation High real estate costs Opportunities Working with existing industries Increasing awareness of Toronto’s financial services Threats Intense competition Loss of company HQ’s
6. Competition London and New York are tied for #1 financial services cluster in the world Hong Kong is ranked #3 Toronto is ranked #12
7. City of London Population of approx. 7,620,000 Employs approx. 4,282,000 85% of which work in services 1,517,000 approx. are graduates Over 500 banks in Square Mile 19% of sales from financial services come from abroad markets
8. New York Cluster Command Centre for world economy Home of the New York Stock Exchange Sector employs 344,700 workers Sector accounts for 35% of the city’s income Federal Reserve Bank of New York in Manhattan's financial district has been where monetary policy in the United States is implemented
9. Hong Kong Cluster Houses 198 banking institutions 70 out of 100 of the world’s biggest banks have a presence in Hong Kong Hong Kong’s stock market is the seventh largest in the world, and the Regulated by the Hong Kong Monetary Authority Total Employment in the sector is nearly 80,000 Banking assets amount to more than HKD10 trillion
10. News in the GTA Cluster Ontario Budget embraces plans to grow Toronto as Financial Services Hub Canada’s Financial Services Industry makes landmark $1.725 million charitable donation to C.D. Howe Institute
