Buoyant equity markets bolstered Citigroup's first quarter results in its global corporate and investment banking unit, where profits rose 22%.

Citigroup's corporate and investment banking division, headed by Robert Druskin, reported a net profit of $1.7bn (€1.43bn) - up from $1.4bn in the first quarter last year. Citigroup's overall net profits rose 29% to a record $5.3bn.