Citigroup has become the latest casualty of the horrific start to the year for investment banks, posting steep revenue falls across its advisory, underwriting and trading businesses in the first quarter.

Citi on April 15 followed up grim investment banking results already published by its Wall Street rivals JP Morgan and Bank of America Merrill Lynch with a set of figures that revealed net profits at its institutional clients group - which houses its investment banking and markets and securities services, as well as treasury and trade solutions, corporate lending and private banking - dived 35% to $1.9 billion from $3 billion a year earlier.