Citigroup's corporate and investment banking profits fell 2% to $1.7bn (€1.3bn) in the three months to March 31 as higher compensation and restructuring expenses offset record fixed income revenues.

The division paid $2.2bn in compensation and benefits, up from $1.9bn a year ago, while operating and administrative expenses in the investment banking division, which embarked on a cull of 1,400 jobs last month, rose from $1.1bn to $1.4bn.