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Toronto financial services cluster


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Toronto financial services cluster

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