Citigroup chief executive Michael Corbat hailed “good momentum” at the Wall Street giant in the past three months, but falling revenues in several business lines within its investment bank took the shine off the quarter for dealmakers and traders alike.

The bank followed rival JPMorgan in announcing results for the three months to June 30, a period of ongoing volatility in equity markets and big-ticket takeover deals. Citi turned a $4.5bn profit, up 16% from a year earlier, on revenues that nudged up to $18.4bn, slightly below estimates.