Citigroup, which this week handed more than 20 top executives tens of millions of dollars worth of stock, said net profits from its corporate and investment bank more than tripled to $6.9bn (€5.7bn) last year. The division's pre-tax profit margin quadrupled to 41%.

Corporate and investment banking profits in the year to the end of December surged from $2.04bn in 2004, when results were dragged lower by a $4.95bn settlement with investors in the bankrupt US telecoms group WorldCom.