Over the years, Montréal, a natural bridge between North America and Europe, has established itself as a commercial hub linking two continents. The openness and dynamism of Canada’s economy has helped foster the development of a flourishing financial industry in Montréal, and the Canadian banking system is known internationally for its stability, soundness and prudence. Montréal’s bilingualism (French and English) and Euro-American charm make a rich contribution to its international character.
Montréal quick facts
- Population close to 4 million in the metropolitan area
- Unique gateway between the economies of Europe and America
- Highly qualified, multilingual workforce (more than 80 languages spoken in Montréal)
- Cosmopolitan city in which Spanish is spoken by approximately 20% of the population
- Presence of the Montréal Exchange, specializing in derivatives trading
- Reliable and modern technological, telecommunications and transportation infrastructure
- Same time zone as New York, Boston and Toronto, with direct flights to these and other major cities
- University metropolis of Canada, with 6 universities and 450 research centres
- One of the lowest crime rates in North America
Montréal is an international metropolis, home to
- over 60 international organizations;
- over 1,250 foreign subsidiaries; and
- the most consulates in North America after New York City.
Montréal’s financial services industry
The Greater Montréal area’s financial sector employs close to 100,000 people who work in approximately 3,000 businesses. The sector benefits from access to a vast pool of qualified workers, world-class universities and a favourable business environment. All the key financial subsectors are present in the region, including banks and other financial intermediaries, insurance, securities, pension funds, mutual funds and advisory services.
Key numbers
- Close to 100,000 jobs in finance
- Approximately 3,000 financial businesses
- More than 25,000 financial specialists
- Close to 8,000 finance students and approximately 2,000 University graduates yearly
Business sectors
Banking and intermediation services
- 54% of the workforce
- 400 companies
- Close to 50,000 jobs
Insurance and related services
- 31% of the workforce
- 900 companies
- Close to 30,000 jobs
Securities, pension funds and fund management
- 15% of the workforce
- 1,500 companies
- Close to 15,000 jobs
Source: Conseil emploi métropole, Diagnostic des besoins en main-d'oeuvre - secteur de la finance et des assurances, 2012