Bay Street Gain Against Wall Street Pain: Toronto Adds Finance Jobs While New York Loses

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Employment in Toronto grew 25 percent, adding 54,580 positions between 2006 and 2016

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It’s a winning story from Toronto over New York’s pain.

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Employment in Toronto’s financial services sector has grown in 10 years as major U.S. banking centers have seen jobs disappear due to the lingering impact of the financial crisis, according to a report by the Conference Board of Canada. Employment in Toronto grew 25 percent, adding 54,580 positions between 2006 and 2016, according to the report. In contrast, New York saw a 3.5 percent drop in finance jobs, while Chicago fell nearly 11 percent.

Toronto is just behind New York in terms of employment in financial services for North America, and the Canadian city ranks sixth in the world by this measure behind Beijing, London, Shanghai and Tokyo, according to the group’s report. Ottawa-based think tank. Canada’s most populous city had 272,280 people employed in financial services in 2016, representing 8.5% of the Toronto area workforce.

Toronto is home to five of Canada’s six largest lenders, including the Toronto-Dominion Bank and the Royal Bank of Canada, as well as Manulife Financial and Sun Life Financial Inc., two of the country’s three largest life insurers. .

Bloomberg.com


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