Is part of the story:
- Bay Street
- Episode 5 of 10
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Date published : January 18, 2010 - Toronto, Ontario
From St-James Street to Bay Street
Throughout the 19th century and first half of the 20th century, Canada’s leading financial district was St-James Street, in Montreal. The shift towards Toronto started in 1959, with the completion of the St Lawrence Seaway, and continued throughout the 1960s and Quebec’s Quiet Revolution. By the early 1970s Bay Street had replaced St-James Street as the nation’s main financial centre.
The Toronto Stock Exchange
It’s the largest in Canada. The World Federation of Exchanges lists the TSX as third largest in North America and the 8th largest in the world.
Numbers employed on Bay Street
Roughly 200,000 work in Toronto’s financial district. Four of Canada’s major banks are headquartered in the district, along with numerous corporations.
Banks: Canada vs. USA
Compared to the USA – where over 69 banks failed in 2008 and more than 250 got government bailouts – no Canadian banks has failed or required government help during this crisis. A number of factors contribute to the resilience of Canada’s banks: Canada’s more stringent regulatory system; its tighter controls on mortgages; and its generally more cautious banking culture.
Job losses in financial sector
The International Labour Organization reports that about 325,000 jobs were lost in the worldwide financial sector between August 2007 and February 2009. About 40% of these losses happened after the market turmoil of October 2008. Bay Street suffered some losses, but relatively few in comparison to other financial centres.