October 24, 2014
October 23, 2014
Torontonians can catch a partial solar eclipse this evening
Doug Ford said a bunch of questionable things last night
An Ottawa man threw a fit after Anderson Cooper said he wouldn’t take a photo with him during CNN’s Parliament Hill shooting coverage
No bee left behind
October 22, 2014
Ari Goldkind releases comprehensive 15 year transit plan
Toronto Set To Become The Centre For Global Finance
Our city's looking like it's about to mosey on up next to the big guys like New York, London, and Tokyo.

We all knew it was coming, because, well, we’re arrogant Torontonians. 

By 2017, Toronto will surpass London to become the world’s financial centre, according to Moody’s Analytics. Canada currently employs 320,000 in its banking sector, while London employs 400,000. 

It’s no surprise really. Since the global financial meltdown of 2008, the Canadian economy has remained quite stable, with a strong dollar and stable banking sector (not to mention zero government bailouts). 

“Rather than suffering from the widespread layoffs seen in other financial capitals such as New York City and London, Toronto experienced only a small downturn and has been enjoying two banner years since then, with steady job growth, exploding downtown real estate prices, and a construction boom that is making cranes as prevalent a feature as skyscrapers on the city’s skyline,” says Moody’s Mark Hopkins.

Compared to Europe who depend heavily on their governments for employment, Canadian public sector jobs sit at around 20% of the market. 

The secret? “Being conservative,” says Moody’s (who’s clearly never been to Chris Randle’s DJ nights, but I digress). 

Still, don’t expect a cultural shift. As Global Finance suggests, Canada’s financial role will look more like Switzerland’s, with “foreign investors buying up Canadian assets, equities and bonds as a hedge against economic turmoil,” rather than corporate or commercial. 

____

Jessica Carroll is the Standard’s editorial assistant. Follow her on Twitter at @jssckr.

For more, follow us on Twitter at @torontostandard, and subscribe to our newsletter.

 

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