Citigroup’s debt capital markets business has delivered its strongest quarter for at least a decade, while fixed income trading revenues were the highest in a year, easing the pain of a sharp drop from equity underwriting.

The bank on July 15 followed JP Morgan in reporting its results for the three months to June 30, a period in which European takeover and equity market activity was dragged down by uncertainty ahead of and in the wake of the UK's vote to leave the European Union.