There is no "safe" financial centre in the world, according to research from the City of London Corporation.
Its Global Financial Centres Index, which rates the competitiveness of cities around the world, showed a fall in the ratings of all cities.
This reflected overall negativity about the current and future state of the sector, the research said.
London retained first place as the world's top financial sector, followed by New York and Singapore.
The City of London Corporation said this showed London's resilience.
Although all centres saw their ratings fall, those at the bottom saw a greater fall than those at the top.
"It would appear there is a genuine 'flight to safety', with people in financial services putting their faith in the quality of well-established financial centres," the report said.
The six-monthly index is compiled from surveys of finance professionals around the world, as well as competitiveness indicators such as wage comparisons, and corporate and personal tax rate comparisons.