SCOTLAND'S two main financial centres have plummeted down the international rankings as places to do business, according to a global study.

Edinburgh and Glasgow have seen their status as hubs fall more sharply than any other European city – even bottom- ranked Athens.

The capital dropped from 32 to 37 in the 11th Global Financial Centres Index, a study based on the analysis of perceptions of various economic locations around the world by more than 1700 finance professionals.

Scotland's largest city fell from 33 to 41, leaving it sandwiched between the tax haven of the Cayman Islands and Finland's capital Helsinki.

Edinburgh is ranked one place above the emerging economy of Qatar, but below Denmark's capital Copenhagen in the poll.

CBI Scotland assistant director David Londsdale said: "Despite the many strengths in financial services that both Edinburgh and Glasgow have, this is a stark reminder they haven't been immune to the economic maelstrom of the past few years.

"However, the recent decision to locate the headquarters of the new UK Green Investment Bank north of the Border was a huge vote of confidence in Edinburgh in particular and Scottish financial expertise more generally."

The poll follows a troubled six months for Scotland's financial sector, with Glasgow-based Clydesdale Bank announcing 279 redundancies before Christmas. Hundreds more posts are expected to be axed after owner National Australia Bank completes a major strategic review of its UK business.

Last week, the Edinburgh-based part state-owned banks RBS and Lloyds – which owns HBoS – announced plans to cut 1900 jobs between them as part of ongoing drives to streamline their businesses.

Kirk Murdoch, senior partner at law firm McGrigors, added: "It is stark that, in a period of immense upheaval in the eurozone, Scottish cities have encountered steeper declines than others in Europe.

"What this research highlights is the need to ensure Scotland is seen as open for business. That means keeping the country attractive in terms of the tax and regulatory regimes for businesses and individuals, and also continuing to invest in economic infrastructure that will make it easy for global commerce to take place."

Mr Lonsdale added that CBI Scotland is pushing the Scottish Government to do more to encourage direct air links with major overseas destinations in an effort to improve Edinburgh and Glasgow's efforts as financial centres.

Owen Kelly, chief executive of industry body Scottish Financial Enterprise, said there had been growth in several leading sectors but the rapid expansion of Asian financial centres continued to pile pressure on Europe.

He added: "Scotland's enduring strengths – our skills, our long-term approach to investing and our international outlook – have ensured the underlying scores for both Edinburgh and Glasgow remain steady. But the intensity of the competition is growing all the time. Of course, such surveys are open to fluctuation."

A Scottish Government spokeswoman said the survey was "subjective" and questioned the data. She said Scotland had been buoyed by recent jobs announcements by financial services firms, adding: "We have seen the emergence of new players and new investments across our financial services sectors."

Elsewhere, London remains the leader of international finance, with New York and Hong Kong second and third respectively.

Cities to overtake Edinburgh and Glasgow include Amsterdam, Dubai and Kuala Lumpur.