Fees from dealmaking slipped by 63% at Citigroup during the third quarter, a bigger decline than its Wall Street rivals as the bank continues to invest in senior bankers.

Citigroup brought in $631m in investment banking revenue during the third quarter, down from $1.8bn a year earlier. The 63% decline during the period compares with a 47% fall at JPMorgan and 55% at Morgan Stanley.