Leaders from the Toronto Financial Services Alliance today agreed on an agenda to strengthen the city’s position as a global financial services centre. Industry leaders discussed the challenges to enhancing Toronto’s position in the face of globalization, advances in information technology and increased competition.

“Bay Street and Main Street work well together,” said Deputy Mayor Case Ootes. “Residents and business need a strong financial services sector that will compete globally. This level of co-operation between the City and the financial services sector is new for us and will achieve many benefits for Toronto.”

Today’s meeting paves the way for the implementation of an action plan that has been in development for the past year.

The forum focussed on four key areas: competitiveness; public policy and regulation; promotion; and human resources.

The TFSA, formed in December 2001, brings together representatives from various levels of government, the financial services sector, affiliated business services and academia.

The TFSA will be releasing its first report on October 10.

Toronto’s financial services sector employs 176,000 people, and an additional 300,000 jobs are linked to the industry.