Katrina Robertson-Garcia

A business cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Clusters are considered to increase the productivity with which companies can compete, nationally and globally.

Michael Porter claims that clusters have the potential to affect competition in three ways:

by increasing the productivity of the companies in the cluster,

by driving innovation in the fieldby stimulating new businesses in the field

The finance industry encompasses a broad range of organizations that deal with the management of money.

Highly innovative

Uses open innovation

Concentration of 1,700 financial services firms

Consists of 3 main industry groups:Banking InsuranceSecurities

Financial cluster ranks:12th on a global scale3rd in North America

London Financial Services Cluster New York City Financial Services Cluster

Both Financial Services Clusters are tied for 1st place on a global scale.

New York Financial Services Cluster ranks 1st in North America.

Located in Manhattan, NYC

Headquarters to some of the world’s biggest banks

3 sub-clusters InsuranceBankingSecurities

50% of total jobs in the UK for financial management

Generates large demand for:Telecommunication servicesConsultancyLegal servicesSoftware, data processing and information

TD tries to buy out US banks

Canadian IPOS may top $6.4 billion

Canadian bankers tell G20 not to suffocate their growth

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