Observers could be forgiven for feeling Citigroup’s meteoric rise up this year’s investment banking league tables looks too good to be true.

So far this year the bank has overtaken Goldman Sachs to rank second for investment banking revenues in Europe, the Middle East and Africa, according to data provider Dealogic. It is Citi’s highest ranking in Emea for the period since records began and no top-five bank has managed a bigger year-on-year increase in market share since 2009.