Happy birthday, Canada. 150 years of success!
Canada’s post-Confederation history, in many ways, is a history animated by financial services.
Banks, insurance companies, stock exchanges, brokerages and credit unions, among others, have financed vast parts of the economy over the years – fueling growth within and beyond a country with enormous natural resources, vast geographies and a small population.
In financing Canada’s growth, these organizations embedded themselves in hundreds of communities across the country through the dedicated service of their employees to serving customers big and small.
Iconic architecture in countless cities and towns from coast to coast to coast is also testament to the important local roles played by these organizations and their leaders. From local branches to imposing head offices, these buildings quickly became as much a part of Canada’s fabric as the financial capital, the customer service, and the innovation that these companies use in serving the needs of a growing country.
There have been countless key milestones along the way, with Toronto at the centre of many of them.
Toronto’s financial services sector – one of the most vibrant in the world – is home to the head offices of Canada’s five largest banks, three of which rank among the world’s largest 25 banks by market capitalization. In 2016, for the ninth year in a row, the World Economic Forum ranked Canadian banks as the soundest in the G7. As well, Toronto is also home to 2 of the top 15 largest life and health insurers and 3 of the world’s 60 largest pension funds.
Toronto’s current ranking as 8th in the world among international financial centres according to The Banker – highlights the many strengths derived from the financial services sector’s longstanding presence in and commitment to this city.
So, in keeping with Canada’s 150th anniversary this year, the TFSA has compiled a series of 150 facts on this city’s financial services sector – little nuggets that collectively help tell the compelling story of financial services in Toronto.
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