Citi's investment banking division has followed Wall Street rival JP Morgan in posting a double-digit drop in revenues from sales and trading in the first quarter. The good news: it wasn't as bad as feared.

Fixed income revenues at Citigroup fell from $4.7 billion a year ago to $3.9 billion in the first quarter this year, according to the bank's quarterly earnings today, with the "uncertain global macro environment" cited as a factor by the bank.