Ensuring the Future: Understanding the Importance of Toronto’s Financial Services Sector

The Conference Board of Canada, 55 pages, November 20, 2013
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Financial services are an integral part of Toronto’s economy. About 1 out of every 13 jobs in the metro area is a direct financial services sector job. This report looks at the sector’s state, structure, composition, and economic contribution.

Document Highlights

Financial services—which include banking, credit unions, insurance, asset management, securities, exchanges, and back office operations—are an integral part of Toronto’s economy. In terms of direct effects, the sector ranks second in terms of GDP and fifth in terms of employment. About 1 out of every 13 jobs in the Toronto metro area is a direct financial services sector job. The sector also indirectly supports many jobs in other sectors, both in Toronto and across the country. In a global context, Toronto is an important second-tier financial centre—part of a group of cities such as Frankfurt, Sydney, and Zurich—and accounts for half of Canada’s total stock of outward foreign direct investment. This report aims to illuminate this vital sector’s state, structure, composition, and economic contribution for policy-makers and the sector’s institutions.

Table of Contents

Executive Summary

Chapter 1—Introduction

Chapter 2—The Economic Impacts of Toronto’s Financial Services Sector

  • Direct Effects
  • Indirect Effects
  • Fiscal Effects
  • Summary

Chapter 3—How Does the Financial Services Sector Compare With Other Major Sectors in Toronto?

  • GDP per Employee
  • Employment Growth
  • Employment Multipliers
  • GDP Multipliers
  • Summary

Chapter 4—The Composition of Toronto’s Financial Services Sector

  • Banking
  • Insurance
  • Securities
  • Back Office Operations
  • Asset Management
  • Credit Unions
  • Exchanges
  • Summary

Chapter 5—Comparing Toronto With Other Global Financial Centres

  • How Does Toronto Rank Globally?
  • Understanding Other Global Financial Centres
  • Comparing Global Financial Centres
  • Summary

Chapter 6—The Role of Foreign Trade and Investment in the Financial Services Sector

  • Foreign Trade
  • Foreign Investment
  • Summary

Chapter 7—Conclusion

Appendix A—Data Definitions

Appendix B—Data Tables

Appendix C—Bibliography

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