Citigroup's leading position advising on so-called blank cheque companies helped to bolster investment banking fees to record levels during the first quarter.

Its equity underwriting revenues jumped by nearly 400%, fuelled by the boom in special purpose acquisition vehicles, which has smashed annual records in the first three months of the year.  Citigroup topped the Spac revenue league tables, making an estimated $824m in the first quarter, with around 17% of the market, according to data provider Dealogic.