1. Torontos Financial Services Cluster
Presented by Clemens Kim

2. What is a cluster?
Defined by Michael Porter as a geographical concentration of companies and industries
They are connected through the markets they serve, products they produce
Clusters are associated with the same trade associations and educational institutions
3. Porters Cluster Diamond Model
4. Torontos Financial Services Cluster
The financial services sector employed 220,000 people in 2008
Considered the third largest in North America based on direct employment
New York
Chicago
Home to 3 of the worlds 25 largest banks and Canadas 5 largest banks
3rd largest exchange in North America, 7th in the world
5. Torontos Financial Services Cluster
82% of financial services employees have at least a post secondary education
47% have a University degree
26% have a college diploma
9% have post secondary education
Attractive location
6. Torontos Financial Services Cluster
Major players include
Banks
RBC Financial Group
TD Bank Financial Group
Scotiabank
CIBC
BMO Financial Group
Credit Agencies
Security Dealers
Insurance
7. Torontos Financial Services Cluster
Examples of innovation through banking
BMO Cebra Inc.
CIBC Amicus
Royal Bank Baldhead Systems
TD Waterhouse E-services
Scotiabank Telescotia
Continuous investment in technology
8. Torontos Financial Services Cluster
Support systems
Toronto Financial Services Alliance
They are an alliance of all levels of government, individuals, educational institutes and members of the financial services industry
Their primary objectives are:
1. To develop and implement awareness-building campaigns for the financial services sector
2. To enhance the competitiveness of Torontos financial sector within the regional, national and global marketplace
3. To establish partnerships with the financial services industry to identify and develop positions on key common policy issues and advocate for adoption
9. Global Competition
Currently, New York and London are tied for first
Hong Kong and Singapore are growing significantly fast (they are 3rd and 4th respectively)
Toronto is ranked 11th according to the GFCI
10. Global Competition
The top 10 emerging financial centres that New York and London should look out for
Toronto gunning to be relevant
Luxembourg safe and exotic
Sao Paulo its just more fun
Zurich no bonus taxes here
Shanghai because Beijing said so
Hong Kong Disneyland for bankers
Singapore literally, everything is perfect
Tokyo the contrarian banker play
Johannesburg where to be long on Africa
Dubai the desert financial dream isnt dead yet
11. Please visit my blog
http://clemensykim.wordpress.com