Soft revenues from spread products dragged on Citigroup’s fixed income trading performance in the first quarter, a period in which Bank of America Merrill Lynch’s trading unit suffered from a similar trend.

Citigroup's fixed income trading unit posted an 11% year-on-year decline in revenues to $3.48 billion on the back of weakness in spread products, the bank said Thursday, adding that growth in rates and currencies performance had partly offset the slump.