Citigroup today deepened the gloom around fixed income, currencies and commodities as it echoed rival JP Morgan in posting a third straight quarterly fall in revenues from that business, which turned in its worst quarterly performance since the end of 2008 when billions of dollars of writedowns and losses forced the bank into a historical split.

Fixed income markets revenues fell 58% to $1.5bn in the fourth quarter compared with the previous three months, Citigroup said in its results statement today. The bank blamed the fall primarily on "lower revenues in market-making activity to facilitate client needs".