Look out London! Toronto is set to overtake you as a hub for bankers
Toronto is a city on the rise, there’s no doubt about it. But you don’t often read articles talking about the city outpacing London, the international business superhub, for any titles or honours.
Well, all that has changed and it only took a few more banking jobs for Bay Street.
According to Moody’s Analytics, Toronto is expected to add about 100,000 banking jobs between now and 2020. London, on the other hand, is expected to lose 30,000. This will bring Toronto’s finance jobs number up to roughly 420,000 and London’s down to 370,000. Toronto is expected to overtake London by 2017.
Although we don’t want to boast while London is losing out (this is no zero-sum game y’all!), we are happy to report that Mark Hopkins, a senior economist at Moody’s Analytics, sees a bright future for Toronto.
“The secret to their success is being conservative,” he explains, in an article in Global Finance Magazine.
Toronto, international banking hub, sure has a nice ring to it and perfectly complements our “Condo Capital of the World” title.