Citigroup's investment banking fees slipped by 58% in the final three months of 2022, capping a difficult year for dealmakers during which revenue halved and banks rolled out job cuts.

The Wall Street bank made $3.1bn in investment banking fees last year, a 53% decline on 2021 when fees reached new highs across the sector. In the final three months of the year, Citi's dealmakers brought in around $1bn, which was a fall of 58%. Rival JPMorgan posted a 48% decline in dealmaking fees for 2022, while fees at rival Bank of America fell by 41%.