Pre-tax profits at UniCredit’s corporate and investment banking unit were one of the few bright spots in the group’s business last year, more than doubling to €1.6bn ($2.2bn) from the previous year’s total, as revenues rose, staff costs dropped and the division avoided trading and hedging losses.

Trading and hedging losses, as well as changes to fair income, meant the group record gains of €691m last year, compared to a loss of €2.6bn in 2008.