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Financial Services

Toronto's World-Renowned Financial Services Sector

Toronto is the business and financial capital of Canada. It is the third-largest North American financial services centre after New York and Chicago. Financial services leads all other service-producing sectors, contributing roughly 14 percent to Toronto's Gross Domestic Product.

Toronto is home to Canada's five largest banks (three of which rank among the world's top 25 banks based on market capitalization) and is also home to 55 foreign bank subsidiaries and 119 securities firms.

With an employed workforce of roughly 232,000, Toronto's financial services sector is an engine of growth. Between 1999 and 2009, the financial services sector added 69,000 jobs—a cumulative growth rate of 42 percent, or 4.2 percent per year (on average).

Approximately 80 percent of Canada's investment management industry representing $700 billion in assets under management sits in Toronto, making the city the engine for financial services in this country. With five Toronto-based public pension plans with combined assets of over $300 billion managed in the city, Toronto ranks within the top five cities in the world for global assets under management.

A headquarters for 57 percent of the life insurance companies in Ontario (including Manulife and Sunlife, two of the largest 10 global life insurers, plus Great West, a third with significant operations in Toronto), the city also fuels that dynamic industry.

Toronto's diversity is a prized asset. As one of the most multicultural cities in the world, it has the international talent (79 percent of the financial services workforce has a post-secondary education) and experience to leverage global connections. Toronto's world renowned business schools, its vibrant arts community and the business community at large thrive on Toronto's cultural diversity.