Citigroup's transactions and investor services units were sideswiped by declining markets in the first quarter, with revenues falling as clients' assets under custody shrivelled, and any growth in the business was offset by the effects of currency volatility.

Revenues at the transaction services division, which includes custody, fund services, treasury, and businesses such as prepaid credit cards, declined by 1% during the first quarter, to $2.3bn (€1.8bn).