Figuring out Financial Services

What Is TWIG?

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Toronto’s Opportunities and Priorities: A Local Labour Market Update

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Canadian Banking System

A strong and stable banking system is at the heart of Canada’s economic recovery.

The world has started to take notice

Source: TFSA

Press talks

Finance and Insurance Employment CMA 1996-2011

2001 2006 2007 2008 2009 2010 20110

50,000

100,000

150,000

200,000

250,000

Total Employment Employees Self-employed

Source: Statistic Canada, Labour Force Survey

Toronto Highlights

A major economic engine of the country with 83,000 businesses

Major employment clusters: finance and financial services, retail trade, arts and culture, tourism and hospitality.

Manufacturing and construction account for a significant percentage of the economy.

2nd Greenest Canadian City in Leading the Fight against Climate Change (Global Financial Centres Index - GFCI 9)

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Migration

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Labour Force Characteristics

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Source: City of Toronto

Unemployment rate

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Unemployment rates for immigrants

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Financial sector in Toronto

TORONTO FINANCIAL SECTOR KEY FACTS

Toronto is one of the easiest cities in the world to do business. It’s ranked number two by Price Water House Coopers in the category “Intellectual capital and innovation”.

Two of the largest ten global insurers operate in Toronto (RBC Life Insurance, Empire Life)

Three of the world’s largest twenty-five banks and five of the largest Canadian banks are in Toronto

Toronto Stock Exchange (TSX) is Canada’s largest stock exchange, the third largest in North America and the seventh largest in the world. It’s the world's largest metals and minerals exchange

131 of the 211 securities dealers operating in Canada are headquartered in Ontario, including 123 in the Greater Toronto Area.

TORONTO FINANCIAL SECTOR KEY FACTS

Three of the top 50 largest investment firms in Canada are based in Toronto. (Manulife Financial Corporation, Sun Life Financial Corporation.)

Three of the four largest property and casualty insurers in Canada are located in Toronto.

Seven of the top 10 largest global hedge fund administrators operate in Toronto (e.g. Introduction Capital, Polar Securities, Goodwood Capital, Catalyst Capital, Gluskin + Sheff)

Hedge fund assets under management estimated at $32 billion

Three of the top fifty global pension funds (CPP Investment Board and Ontario Teachers’ Pension Plan )

Financial Sector (FS)

Toronto FS Employment

Direct Employment by subsectors

Source: Toronto Financial Service Alliance (TFSA)

Job profiles: in demand clusters

Industry cluster Positions

Knowledge Areas Audit practices and processes Financial sector business functions and

operations Consumer finance ( mortgages, bonds, etc) Investment products & trading of financial

instruments Investment and sales management Project and change management Regulatory and legislative policy and

procedures for the financial sector

Technical skills Analytical thinking Database architecture and design Statistical analysis and modeling Financial analysis Research analysis and reporting Financial industry-legislative and

regulatory policy

Soft skills Non-traditional thinking: creative and innovative

decision making Adaptability and mental flexibility Application of High Ethical Standards Customer-focused: consistently delivering high

quality service Data interpretation Proactive and goal-oriented Relationship management Team collaboration and information sharing Problem solving and reasoning

The factors that influence market shifts

Globalization and reorganization Financial crisis consequences Changing customer relationships Pace of technology development Changing demographics

Source:TFSA

Globalization and reorganization

Financial crisis consequences

Changing customer relationships

Customer relationship management (CRM)

Pace of technology development

thghghghghg

Changing demographics

Labor force demographics will shift profoundly

There is a growing mismatch between the skills employers need and the talent available

“Generation U” and women to fill the skills gaps

Changing demographics The talent market is increasingly global and

mobile

Employees gain more bargaining power

Conclusion Toronto is a financial services capital of

Canada. One of North America’s premier financial

centers and the fastest growing. A dynamic and vibrant business center,

Toronto has a sophisticated cluster of financial services companies, offering a range of quality services and expertise that rank among the best in the world.

Where you can find additional information about Toronto financial sector

Toronto Financial Service Alliance http://www.tfsa.ca/ Working in Canada

http://www.workingincanada.gc.ca/home-eng.do?lang=eng

For more information

www.workforceinnovation.caPhone: 416 934 1653

Fax: 416 934 1653Address: 215 Spadina Avenue, Suite 350

Toronto, ON, M5T 2C7

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