Citigroup's advisory and underwriting business helped offset the slide in trading activity at its securities and banking division with a 27% boost in revenues on the previous quarter

Citi, which is the second large US bank to report its second quarter earnings, said it had a 20% slump in fixed income revenues compared with the first three months of the year, reflecting lack of activity hitting investment banks' trading desks. This was also 18% less than a year earlier.