Citigroup’s mergers and acquisitions bankers bucked the trend with higher fees in the third quarter, a result that bodes well for management’s ambition to close the gap on rivals in the dealmaking league tables.

Citi was the last of three big Wall Street banks to report earnings on Monday, posting a 6% rise in net profits year on year to $4.9bn — ahead of analyst expectations. Revenues increased by 1% to $18.6bn.