Revenues at Citigroup’s securities and banking division rose quarter-on-quarter but only after a $1.9bn boost from the widening of the bank’s own credit spreads, reinforcing the bleak tone set for results season by JP Morgan last week.

While revenue falls were largely less extreme than at JP Morgan, which last week struck a gloomy note as the bank reporting season got underway, the Citi figures still give little cause for cheer. Revenues fell in every major business line at its securities and banking division - except lending - once the effects of a $1.9bn revenue boost from the widening of the bank's own credit spreads are stripped out.