In spite of the problems rocking Scotland’s banks, it seems Edinburgh’s appeal as a place to work remains in tact. Glasgow, however, has slid down the rankings in the latest Global Financial Centres Index (GFCI).

There’s a caveat to add to the above statement, though – the cut-off point for the latest survey conducted by research firm Z/Yen, in association with the Corporation of London, was in July, which was obviously before the HBOS takeover and giant RBS loss.

The Scottish capital remained in 18th position, the same as the last survey in March this year, and actually gained some points despite not going up in the rankings.

Mark Yeandle, lead author of the report at Z/Yen, tells us: “I’m slightly surprised Edinburgh hasn’t moved up in the latest survey. It has many strong, risk-averse fund managers, a good pensions industry, and investment funds are holding up well. But it seems to be consolidating its position rather than challenging those above it.”

Glasgow, meanwhile, has slipped by six places. So should we assume that its reputation as a centre for banking operations is about to be undermined, and job cuts could be on the horizon?

Don’t panic, reckons Yeandle: “We were asked by a number of people in Glasgow’s financial services sector to include it in the survey in March. It’s normal for new entrants to come in high and then find their natural level after one or two iterations of the index.”

Scotland as a whole has also been on the receiving end of the UK’s increasingly uncompetitive tax regime, says the report, which has seen many centres for back-office functions, such as Guernsey, the Cayman Islands and the Isle of Man, leapfrog Glasgow.