London is now no longer the world's top financial centre, having lost its place to NY as the city grapples with the challenges of Brexit.
The City has fallen eight points in the rankings, ceding the top ranking to NY.
NY took first place, followed by London, Hong Kong and Singapore in the Z/Yen global financial centres index, which ranks 100 financial centres on factors such as infrastructure and access to high quality staff. "The fear of losing business to other centres is driving the slight decline and people are concerned about London's competitiveness".
Since Britain voted to leave the European Union more than two years ago, some of the world's most powerful finance companies in London have been searching for a way to preserve the existing cross-border flow of trading after it leaves the bloc in 2019.
FILE PHOTO - A girl walks through Brooklyn Bridge park with the Brooklyn Bridge and the lower Manhattan skyline in the distance during unseasonably warm weather in Brooklyn, New York, U.S., February 21, 2018.
There was no change to the rankings of Hong Kong and Singapore.
The head of the City of London predicted in July that 3,500 to 12,000 financial jobs would go because of Brexit in the short-term and more might disappear later.
In the survey, almost 2,500 people working in the financial services industry were asked for their views of the relative strengths and weaknesses of 110 finance hubs. Most major United States, British and Japanese banks said they would build up operations in Frankfurt, Paris or Dublin.
Other European centres moved up in the global rankings.
"In Western Europe, Zurich, Frankfurt, Amsterdam, Vienna, and Milan moved up the rankings significantly". The survey's authors said the drop reflected the uncertainty around Brexit. "In a competitive world we can not afford complacency".