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  #21  
Old Posted Jan 27, 2012, 6:43 PM
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Ramako Ramako is offline
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Quote:
Originally Posted by Andrewjm3D View Post
Toronto has been growing at almost the same steady rate since the 70's, back when nobody knew what the oil sands were. The banks deal with so much more then just the oil sands in Alberta.
Yes, but much of the GTA's growth in past decades was due to Ontario's large manufacturing sector. Despite the fact that our manufacturing base has been declining steadily, Toronto has indeed been growing at a steady rate, as you mentioned. That's because of new and diverse sources of income, primarily financial services, of which the oil sands are significant. Without the oil sands, Toronto may have looked a little more similar to mid-western rust belt cities.
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  #22  
Old Posted Jan 27, 2012, 6:46 PM
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Did you even read this example I gave? I never said the banks were not diverse:
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An example, say the bank employs 1,000 people in year 1, 800 in traditional markets and 200 in energy and in year 2 they employ 1200 people, 850 in traditional markets and 350 in energy. The banks still saw good growth and are still healthy in their traditional markets, but the majority of their growth has come from energy.
This is what I'm talking about that is so frustrating about ignoring KEY points I'm making. I never said that Canada's banks are no diverse, I just said that the high growth industry right now fueling the growth in the banks is energy. Their existing and previous growth engine industries are still there, but they are just not growing like they used to.

Also it is important to note that investments are just one of the key components that make up at Tier 1 bank. The majority of the sought after jobs in a bank are in their client advisory positions, which involve performing M&A transactions, issuing debentures and equities, and general consulting, which provide the bulk of employment and spin off employment in the Toronto finance world. Where the bank has invested its capital actually provides far less employment to Toronto than the other services provided by banks.
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  #23  
Old Posted Jan 27, 2012, 6:57 PM
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Originally Posted by Andrewjm3D View Post
Toronto ranks 12th in the latest Global Financial Centres ranking (March 2010).
One small (positive) correction. Toronto was ranked 10th in 2011.

http://zyen.com/PDF/GFCI%2010.pdf
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  #24  
Old Posted Jan 27, 2012, 7:01 PM
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Originally Posted by LeftCoaster View Post
Did you even read this example I gave? I never said the banks were not diverse:
Yes I saw your post, and even you just proved in it that the energy sector does not represent the lions share of growth or performance at the banks. Why is it so tough for you to see that the reason the big banks are doing well and have remained strong is that they've managed to keep a well diversified portfolio of investments. 1000 or 2000 new jobs a year is great but even still that represents only about 3%-6% of the new workforce entering the the city. That number is based on Toronto's roughly 100,000 new residence each year and if only half of them find work.
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  #25  
Old Posted Jan 27, 2012, 10:05 PM
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Ya lost me there. 1000 - 2000 jobs? My example was of a hypothetical bank with total employment of 1,000.

Maybe you need to re-read it?
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  #26  
Old Posted Jan 27, 2012, 10:50 PM
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Andrewjm3D Andrewjm3D is offline
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Actually I'm going to bow out as I'm not going to pretend to be an expert on the subject and I'm to busy working on a render for a client right now. I will leave on this note though; Investment Banking dealing with the Oil Sands is not the only game in town. There are many more gears in Toronto's economic engine that have zero dealings with what's going on in Alberta. To ignore that is to say that we as a Torontonians are not capable of moving forward and growing without cashing in from the oil-sands. It also implies that we Torontonians that work in other fields are contributing less to the Toronto economy then some black tar out west. You've yet to prove that to me. There is a reason why Toronto has been able to continue to grow along with the rest of the Golden Horseshoe, diversity of it's people and of the industries they work in. The Tar sands are good for business here but to give them sole credit for our construction boom is to dismiss all the other great achievements that have been made by other industries in the region.

And lets not forget one HUGE factor for the downtown condo boom, generation X first time buyers looking to get out of the burbs and into the core.

Last edited by Andrewjm3D; Jan 28, 2012 at 7:07 PM.
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