Booming trading and equity underwriting propelled first-quarter net profits at Citigroup's markets and banking division up 36% to a record $2.6bn (€1.9bn), but a charge related to last week's restructuring plan dragged group profits down almost an eighth to $5bn.

Revenues at Citigroup's markets and banking unit, which covers investment banking, advisory and capital markets businesses, climbed 23% to a record $9bn in the first quarter, powered by record trading in equities and fixed income and supported by record equity underwriting and advisory revenues.