Research published by the City of London Corporation, the municipal body of London, has named New York and London as the world's joint-top finance centres.
While London's ratings were seen to decrease, New York has become a better city to do business than it was six months ago.
When the study was carried out previously, New York came in second place to London.
This year's results, which see London being knocked off the top position for the first time, suggest that the city's reputation as the best for banking could be at threat.
New firms could choose to base themselves outside the UK due to the survey results, according to some analysts.
Stuart Fraser, chairman of the policy and resources committee at the City of London, told City AM: "Respondents have assessed the two leading global centres of London and New York as level on ratings for the first time – a fact which bears out our view that these two are the 'twin sister-cities of world finance'."
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