Citigroup shrugged off a $500m-plus fall in fixed income trading revenues in the third quarter, as year-on-year growth in every other part of its investment bank helped the division post higher overall revenues and profits.

While the bank's chief financial officer John Gerspach had said in mid-September that third-quarter markets, or trading revenues, were running about 15% behind year-ago levels, the final quarterly figures, published today, showed a smaller drop.