Vikram Pandit, chief executive of Citigroup, stressed that the firm will remain committed to its role as a top-tier investment bank with a full range of services despite the business losing $10.6bn (€8bn) in the fourth quarter of last year and the company dividing into two.

When asked by analysts if the scope of the investment bank was going to change, Pandit said on a conference call that the firm will streamline the focus of sales and trading to more of a market-making model, will continue to exit proprietary trading unless it has a proven team, and will reduce capital allocated to the business.