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Toronto finance cluster_mrk625w10


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a powerpoint presentation on Toronto's financial services cluster.

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Toronto finance cluster_mrk625w10

  1. 1. Toronto’s Financial Services Cluster<br />Presented by Clemens Kim<br />
  2. 2. What is a cluster?<br />Defined by Michael Porter as a geographical concentration of companies and industries<br />They are connected through the markets they serve, products they produce<br />Clusters are associated with the same trade associations and educational institutions<br />
  3. 3. Porter’s Cluster Diamond Model<br />
  4. 4. Toronto’s Financial Services Cluster<br />The financial services sector employed 220,000 people in 2008<br />Considered the third largest in North America based on direct employment<br />New York<br />Chicago<br />Home to 3 of the worlds 25 largest banks and Canada’s 5 largest banks<br />3rd largest exchange in North America, 7th in the world<br />
  5. 5. Toronto’s Financial Services Cluster<br />82% of financial services employees have at least a post secondary education<br />47% have a University degree<br />26% have a college diploma<br />9% have post secondary education<br /> Attractive location<br />
  6. 6. Toronto’s Financial Services Cluster<br />Major players include<br />Banks<br />RBC Financial Group<br />TD Bank Financial Group<br />Scotiabank<br />CIBC<br />BMO Financial Group<br />Credit Agencies<br />Security Dealers<br />Insurance<br />
  7. 7. Toronto’s Financial Services Cluster<br />Examples of innovation through banking<br />BMO – Cebra Inc.<br />CIBC – Amicus<br />Royal Bank – Baldhead Systems<br />TD Waterhouse – E-services<br />Scotiabank – Telescotia<br />Continuous investment in technology<br />
  8. 8. Toronto’s Financial Services Cluster<br />Support systems<br />Toronto Financial Services Alliance<br />They are an alliance of all levels of government, individuals, educational institutes and members of the financial services industry<br />Their primary objectives are:<br />1. To develop and implement awareness-building campaigns for the financial services sector<br />2. To enhance the competitiveness of Toronto’s financial sector within the regional, national and global marketplace<br />3. To establish partnerships with the financial services industry to identify and develop positions on key common policy issues and advocate for adoption<br />
  9. 9. Global Competition<br />Currently, New York and London are tied for first<br />Hong Kong and Singapore are growing significantly fast (they are 3rd and 4th respectively)<br />Toronto is ranked 11th according to the GFCI<br />
  10. 10. Global Competition<br />The top 10 emerging financial centres that New York and London should look out for<br />Toronto – gunning to be relevant<br />Luxembourg – safe and exotic<br />Sao Paulo – it’s just more fun<br />Zurich – no bonus taxes here<br />Shanghai – because Beijing said so<br />Hong Kong – Disneyland for bankers<br />Singapore – literally, everything is perfect<br />Tokyo – the contrarian banker play<br />Johannesburg – where to be long on Africa<br />Dubai – the desert financial dream isn’t dead yet<br />
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