Securing More Good Jobs in Toronto: Support for Hosting the Defence, Security and Resilience Bank Headquarters - by Councillor Brad Bradford, seconded by Councillor James Pasternak

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The decision

2025-12-16 · Toronto City Council · adopted

As filed

City Council on December 16 and 17, 2025, adopted the following: 1. City Council express its support for the Defence, Security and Resilience Bank to be headquartered in Toronto, in alignment with the Quality Jobs and Global Competitiveness priority in "Sidewalks to Skylines: A 10-Year Action Plan for Toronto's Economy", to grow and strengthen our economy and secure thousands of good jobs in Toronto. 2. City Council forward

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this item to the Prime Minister of Canada, the Minister of Defence, the Minister of Intergovernmental Affairs, the Minister of Industry, Members of Parliament, the Premier of Ontario, and the Minister of Economic Development, Job Creation and Trade.

The vote

Adopt Item · Carried, 15-7

For (15)Amber Morley, Anthony Perruzza, Brad Bradford, Dianne Saxe, Frances Nunziata, James Pasternak, Jon Burnside, Josh Matlow, Lily Cheng, Michael Thompson, Mike Colle, Nick Mantas, Olivia Chow, Parthi Kandavel, Stephen Holyday

Against (7)Alejandra Bravo, Chris Moise, Gord Perks, Jamaal Myers, Neethan Shan, Paul Ainslie, Paula Fletcher

Absent (4)Ausma Malik, Rachel Chernos Lin, Shelley Carroll, Vincent Crisanti

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On the agenda

As the city filed it

Toronto is at a critical economic juncture. The City's unemployment is approaching 9 percent and a concerning trend of out-migration saw more than 70,000 residents leave Toronto in the last year. Council must take aggressive action to grow our economy, secure high-quality jobs, and ensure our long-term prosperity. Canada and other anchor nations have partnered to establish the Defence, Security and Resilience Bank, a new multilateral initiative designed to finance critical infrastructure, secure supply chains, and strengthen cyber resilience.

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The Defence, Security and Resilience Bank is in the process of selecting where its new headquarters will be located - a decision that could create more than 3500 high-quality jobs, strengthen its host city's position as a hub of finance and innovation, and provide a significant boost to gross domestic product. Other cities such as Ottawa have publicly declared their interest in hosting this new institution. Toronto must advocate strongly for choosing our city as the ideal location for the Defence, Security and Resilience Bank headquarters. Locating its headquarters in Toronto would set up the Defence, Security and Resilience Bank for global success and strengthen our city's economic future. Toronto is the engine of the Canadian economy, producing roughly one-fifth of the national gross domestic productand anchoring the country's financial system. The city is uniquely positioned to support the Bank with its unparalleled density of institutional investors and pension plans, as well as a world-leading artificial intelligence and advanced analytics ecosystem. Headquartering the Bank here will drive immediate and long-term job creation. It will allow the Defence, Security and Resilience Bank to tap into Toronto's diverse, globally connected workforce. This includes the capital markets professionals, engineers, and data scientists it needs to recruit and grow. By securing this institution, we place Toronto at the global centre for defence, security and resilience financing, ensuring that the economic spinoffs and stability generated by the Bank directly benefit Toronto residents and businesses.

Staff recommended

Councillor Brad Bradford, seconded by Councillor James Pasternak, recommends that: 1. City Council express its support for the Defence, Security and Resilience Bank to be headquartered in Toronto, in alignment with the Quality Jobs and Global Competitiveness priority in "Sidewalks to Skylines: A 10-Year Action Plan for Toronto's Economy", to grow and strengthen our economy and secure thousands of good jobs in Toronto.

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2. City Council forward this item to the Prime Minister of Canada, the Minister of Defence, the Minister of Intergovernmental Affairs, the Minister of Industry, Members of Parliament, the Premier of Ontario, and the Minister of Economic Development, Job Creation and Trade.

On the record

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