Citigroup just can’t seem to catch a break. In recent months, most of the big market trends have been more helpful to its main Wall Street rivals. Citi is strong in businesses that are sagging and weak in areas that are buoyant.

Its unrivalled presence in the developing world is not looking so great now that emerging markets are slowing and the US is still growing nicely. The areas where it has lagged behind its top US competitors - M&A advice and equities - have left it on the sidelines of the deals boom in Europe. And it invested heavily in building up its commodities trading business just as the cycle turned.