The head of Citigroup’s largest business line said it could be two years before the sector returns to growth, as the surge in trading and record investment banking fees – gained in the first half – fade during the remainder of 2020. 

Paco Ybarra, chief executive of Citi’s institutional clients group, which includes its investment bank, sales and trading units, private bank and commercial banking division and accounts for around two thirds of revenues, said that the firm does not “expect much growth” across the sector as the full impact of the coronavirus crisis is felt.