Three years ago this month, the future of the banking system looked uncertain and Citigroup, one of the largest US banks, was closer to the edge than most.

Fast-forward to the present day and the bank has undergone a far-reaching restructuring, thinned out its staff and refocused on its strengths. Across the bank staffing levels fell by more than 100,000, a development that inevitably affected the equity capital markets unit, leading to a substantial shake-up.