Print this Page Bookmark and Share

Financial Services

Toronto's financial services sector is the largest in Canada, and the fastest growing in North America.

The World Economic Forum has ranked Canada as the soundest financial system in the world seven years in a row.

The Toronto Stock Exchange is the 3rd largest in North America, after New York and Chicago. The Banker's International Financial Centre rankings placed Toronto 6th of 56 international financial centres in 2014. Toronto ranks 4th overall in the 2014 PwC Cities of Opportunities Study and 11th of 83 cities in the Global Financial Centres Index (GFCI, 2014).

During the recent global economic crisis, Canada's capital formation activity outpaced the United States in IPOs by a ratio of 2 to 1.

The Organization for Economic Co-operation and Development (OECD) has described Toronto's financial services sector as being unusually broad in comparison to other leading international financial centres.

The sector employs over 245,000 people (30% of the nation's financial services workforce), more than double the proportion for its closest Canadian competitor - Montréal.

Collectively, Toronto's banks manage approximately $3.4 trillion of the nation's assets (Canadian Bankers Association, 2013). Financial services employment in Toronto has risen by 24.9% since 2002 (Understanding the Importance of Toronto's Financial Services Sector, 2013).

Toronto is the corporate home to the five largest banks in Canada, and 89% of foreign banks operating in Canada have head offices within the Toronto area.

Canada's life and health insurance industry is headquartered in Toronto, and the city is also home to 129 securities firms.

Toronto is home to many prominent financial services technology providers, including: CIBC Mellon, State Street, RBC Dexia, Citco, UBS, Northern Trust, Goldman Sachs, Merrill Lynch Technology – with 20,000 employees directly supporting fund administration.

Over 80% of Canada's mutual fund industry is based in Toronto, representing over $1.01 trillion in assets.

Table from the Global Financial Centers Index 9 groups Toronto as a leading global financial centre.
report
Canadian Banks 2011: Perspectives on the Canadian banking industry
Report demonstrates the strengths and confidence of the Canadian banking system post-recession, in a changing regulatory environment.
Year: 2011
Categories: Business Toronto, Finance
report
Canadian Banks 2012: Perspectives on the Canadian banking industry
Report demonstrates the strengths and confidence of the Canadian banking system post-recession, in a changing regulatory environment.
Year: 2012
Categories: Business Toronto, Finance
report
Financial Services: Canada's Competitive Advantages
A detailed report of Canada’s Financial Services Industry including information about FDI, innovation, skills and research, as well as the cost and competitive advantages of Canada’s Financial Services sector
Year: 2012
Categories: Finance
report
Global Financial Centers 7
Profiles, ratings and rankings of 75 financial centers in terms of competitiveness.
Year: 2010
Categories: Finance
report
Global Financial Centers 8
Profiles, ratings and rankings of 75 financial centers in terms of competitiveness.
Year: 2010
Categories: Finance
report
Global Financial Centers 9
Profiles, ratings and rankings of 75 financial centers in terms of competitiveness.
Year: 2011
Categories: Business Toronto, Finance
report
Global Financial Development Report
Ranking of 55 of the world's leading financial systems and capital markets.
Year: 2011
Categories: Finance
report
Global Outlook Report
Guide to political, economic and regulatory changes in global FDI market, with a focus on greenfield investment.
Year: 2010
Categories: Finance
report
Islamic Finance Working Group: Making Toronto The North American Centre for Islamic Finance: Challenges and Opportunities
Set out in this initial report from the Islamic Finance Working Groupf are public policy issues that are relevant to promoting the development of an Islamic financial sector in Toronto.
Year: 2010
Categories: Finance
report
Partnership in Action
Strategy of how to increase Toronto's competitiveness as an international finance center
Year: 2009
Categories: Finance
report
S&P Ratio Highlights Disparate Capital Strength Among The World's Biggest Banks
The purpose of the report was to provide a snapshot, at a specific point in time, of the comparable capital position of the world's largest banks, based on our methodology for assessing capital adequacy on a globally consistent basis.
Year: 2009
Categories: Finance
report
Toronto Stock Exchange and TSX Venture Exchange: A Capital Opportunity
High-level presentation from the TMX Group. The TMX Group is the parent company of the Toronto Stock Exchange (TSX) and TSX Venture Exchange.
Year: 2010
Categories: Access to Capital, Finance
report
Toronto: Financial Services Captial of Canada
Importance of Toronto financial services sector, as a key driver of our local, provincial and national economy.
Year: 2010
Categories: Business Environment, Finance
report
Worldwide Centres of Commerce Index
The 2008 Worldwide Centers of Commerce Index offers a  comparative ranking of 75 of the world’s leading global cities and their instrumental role in driving the
global economy.
Year: 2008
Categories: Business Environment, Finance
Top of page