Citigroup set aside nearly $5bn to deal with the fallout from the Covid-19 crisis, leading to a sharp decline in profits at the bank despite huge gains in trading revenues during the quarter.

The bank posted profits of $2.5bn in the first quarter, a decline of 46% on the same period in 2019. Like its rivals JPMorgan and Bank of America, Citi has set aside a big cash-pile to cover expected losses on loans, as it prepares for the impact of the coronavirus pandemic.