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Toronto financial services cluster

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  • 1. Toronto Financial Services Cluster
    By: Alfredo Navarro
  • 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