The Swiss cities ranked sixth and eighth respectively in the Global Financial Centres Index issued by London-based think tank Z/Yen Group.
London is ranked first in the index, unchanged from six months ago, ahead of New York, Hong Kong, Singapore and Tokyo.
Zurich, home to UBS and Credit Suisse, dropped to sixth from fifth place half a year ago, swapping places with Tokyo, while Geneva fell back to eighth from seventh place, exchanging places with Boston.
The Swiss cities remained the top financial centres in continental Europe, ahead of ninth-ranked Frankfurt, which moved up from 10th.
While Luxemberg climbed five places to 13th “most of the remaining financial centres in Europe are still suffering from uncertainty in the Eurozone,” authors of the index said.
The relative positions of Paris, Munich, Amsterdam, Milan, Madrid and Brussels all fell, along with Lisbon and Athens, which ranked last in the survey of 80 financial centres.
The index is compiled from a rating of five broad areas of competitiveness, plus assessments of financial services professionals surveyed every six months.
The areas of competitiveness comprise business environment, taxation, infrastructure (including measures of telecom and IT development), human capital and “reputational factors”.
Launched in 2007, the index measures the state of competitiveness among more 75 financial centres across the world.