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Toronto Financial Services Cluster Review (City Wide)

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Toronto Financial Services Cluster Review (City Wide) CITY CLERK Clause embodied in Report No. 3 of the Economic Development and Parks Committee, which was before the Council of the City of Toronto at its regular meeting held on April 23, 24, 25, 26, 27, and its special meeting held on April 30, May 1 and 2, 2001. 1 Toronto Financial Services Cluster Review (City Wide) (City Council at its regular meeting held on April 23, 24, 25, 26, 27, and its special meeting held on April 30, May 1 and 2, 2001, deferred consideration of this Clause to the next regular meeting of City Council scheduled to be held on May 30, 2001.) The Economic Development and Parks Committee recommends the adoption of the following report (March 7, 2001) from the Commissioner of Economic Development, Culture and Tourism: Purpose: The purpose of this report is to present the findings of the Economic Development Division’s review of the Financial Services Cluster (FS). This review recognizes Toronto’s role as the Financial Services Centre of Canada, identifies the challenges facing the industry, recommends strategic directions for encouraging the further growth of the cluster and a process for implementation. Financial Implications and Impact Statement: There are no financial implications resulting from the adoption of this report. Recommendations: It is recommended that: (1) the Federal and Provincial Ministers of Finance and Economic Development be requested to formally recognize Toronto as Canada’s Financial Services Centre given the concentration of the nation’s financial services businesses that are located in the city; (2) Council endorse the Economic Development strategies related to the marketing and promotion, business development, advocacy, competitive intelligence and human resource development of the Financial Services sector as outlined in detail in the attached Financial Services Cluster Review (Attachment No. 1); Toronto City Council2 Economic Development and Parks Committee April 23, 24, 25, 26, 27, 30, and May 1 and 2, 2001 Report No. 3, Clause No. 1 (3) the Commissioner of Economic Development, Culture and Tourism be requested to establish a Financial Services Cluster Alliance comprising industry, government, and educational leaders to review and advise on the implementation of the strategic directions in the report; (4) the Commissioner of Economic Development, Culture and Tourism be requested to report on the mandate and composition of the Alliance and that the Alliance report back to the Economic Development and Parks Committee on an action plan outlining priority activities and partnership opportunities; (5) Council endorse the requirement of financial institutions to undertake a Community Impact Assessment to determine the impacts of local bank branch closures when they are considering a merger; and (6) the appropriate City officials be authorized and directed to take the necessary action to give effect thereto. Background: During 1998, controversial proposals by the Royal Bank to merge with the Bank of Montreal, and by the Canadian Imperial Bank of Commerce to merge with the Toronto Dominion Bank were widely discussed throughout the country. Although the Minister of Finance subsequently refused the merger proposals, they helped to create a new awareness of the importance of the Financial Services sector to the City of Toronto. This new awareness resulted in the August, 2000 approval by the Economic Development Committee of a review of the Financial Services Cluster in the City, with the following terms of reference: What are the strengths and weaknesses of the Financial Services Cluster? What opportunities exist for the cluster? What threats exist to the health of the cluster? What global, regional and local trends are affecting the Financial Services Cluster, and how do they impact jobs and investment in the City of Toronto? What initiatives should the Economic Development Division undertake to ensure the long-term growth of the Cluster? Council also requested that Economic Development review neighbourhood banking services and the effect of branch closures. This report summarizes the major findings of the review, and recommends strategic directions to help to ensure the continued health of the Financial Services Cluster (FS) in the City of Toronto. Comments: Strengths of the Financial Services Cluster: Toronto is the undisputed Financial Services Centre of Canada. The Financial Services Cluster is of paramount importance to the long-term economic health of the City of Toronto. The cluster is anchored in part by the TSE (the best performing exchange in the world in 1999, measured by Toronto City Council Economic Development and Parks Committee April 23, 24, 25, 26, 27, 30, and May 1 and 2, 2001 Report No. 3, Clause No. 1 market capitalization) and the major Canadian banks. However, the cluster is more than just the Canadian banks; it includes foreign banks, insurance companies, investment companies, stock brokerages and mutual fund companies, merchant banks, and supporting institutions and services. Employment in the financial services sector has grown steadily throughout the period between 1983 and 1999. According to the City’s annual employment survey, the FS sector grew from approximately 97,000 in 1983 to approximately 130,000 in 1999. The financial services sector has consistently employed between 9 percent and 11 percent of the City’s total employment during the last decade. Table 1 illustrates the stability and growth of financial services relative to other sectors in Toronto’s economy since 1983. The business service sector is the only other sector to display similar growth. It is closely interconnected with the financial services sector. It is important to note that the financial services sector is a major adopter of information technology and telecommunications (IT&T) technology employing one in every four workers in computer service jobs and one in every seven telecommunications jobs in the Greater Toronto Area, thereby strongly influencing the sector’s growth (Boston Consulting Group, 1997). Additionally, the Conference Board of Canada identifies FS as the most IT intensive industry among a list of five industries, which includes communications, government, manufacturing electrical products, and health care (Greater Toronto Marketing Alliance (GTMA), Smart Toronto, 1999). Table 1 3 300,000 250,000 200,000 150,000 No. of Employees 100,000 50,000 City of Toronto Employment by Sector, 0 FIRE Bus. Sevices 1983 and 1999 Head Office Government Arch/Eng/Planners Sector Media Trade/Per Serv Health Associations Mfg/Whse Instit Retail 1983 Service Other 1999 Toronto City Council4 Economic Development and Parks Committee April 23, 24, 25, 26, 27, 30, and May 1 and 2, 2001 Report No. 3, Clause No. 1 The composition of employment within the financial services cluster has been changing. Table 2 illustrates the changing composition of the FS since 1983. While the number of people employed in bank and trust company branches in Toronto has decreased since 1983, the number employed in bank and trust company head offices, providing higher order financial services activities, has increased substantially in the same period. Employment in investment services has increased while employment in the insurance industry appears to be declining, insurance industry sources indicate that employment may be understated as a result of reclassification of employment within the industry as more and more employees work as independent agents. Table 2 FS Employment Composition, City of Toronto, 1983 and 1999 60000 50000 40000 30000 20000 10000 No. of Employees 0 Bank & Trust Bank & Trust H. Invest Services Financing Insurance Branch O. 1983 1999 Toronto is home to approximately 80 percent of the headquarters of foreign banks in Canada. There are a total of approximately 1,700 firms providing financial services in the City of Toronto, employing approximately 25 percent of all of the financial service workers in Canada. In addition, according to an independent study conducted by Meric Gertler in 2000, the Finance, Insurance and Real Estate portion of Toronto’s economy increased its share of the City’s Gross Domestic Product by nearly 40 percent between 1988 and 1998. Compared to financial services clusters in other nations, the Canadian financial services cluster is highly competitive and has shown productivity gains. Apart from the concentration of the industry itself, the cluster is further strengthened by a number of supporting institutions. Strong linkages between these institutions and the industry will be a key factor in maintaining the cluster’s future competitive advantage. Toronto’s FS includes the Toronto International Leadership Centre for Financial Sector Supervision (Toronto Centre) which is the only institution in the world to train supervisors in leadership skills through sharing real experiences of supervisory executives (www.torontocentre.org). The University of Toronto offers a Mathematical Finance Program producing financial engineers trained to develop new financial products and customize and trade financial products, monitor risk exposure to books of complex derivatives, devise hedging schemes and to search for arbitrage opportunities in the markets. In addition, York University offers a Graduate Diploma in Financial Engineering in conjunction with the MBA degree through the Schulich School of Business. Additionally, Toronto City Council5 Economic Development and Parks Committee April 23, 24, 25, 26, 27, 30, and May 1 and 2, 2001 Report No. 3, Clause No. 1 York’s National Program in Financial
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