Citigroup's third-quarter markets and banking net profits plunged 99% to just $3m (€2.1m) in Europe, the Middle East and Africa, while its North American business slipped into the red as debt and credit losses and writedowns took their toll.

Net third-quarter profits from markets and banking in Emea fell from $489m a year ago on the back of a near-$1.2bn pre-tax hit from leveraged finance, sub-prime mortgage-related instruments, collateralised debt obligation positions and fixed income credit trading.