Bay Street Tops Wall Street as Toronto Adds Jobs, New York Loses

It’s a tale of Toronto’s gain versus New York’s pain.

Employment in Toronto’s financial-services sector has surged over 10 years while major U.S. banking centers saw jobs disappear due to the lingering impact of the financial crisis, according to a Conference Board of Canada report. Toronto’s employment rose 25 percent, adding 54,580 positions between 2006 and 2016, according to the report. By contrast, New York had a 3.5 percent decline in finance jobs, while Chicago fell nearly 11 percent.

Toronto is second only to New York in terms of financial-services employment for North America, and the Canadian city ranks ...