The executive also noted that the mergers and acquisitions market remained buoyant, notably thanks to sustained investment in artificial intelligence and automation. At the same time, heightened volatility linked to geopolitical tensions could boost trading activity at major banks, as periods of uncertainty prompt clients to step up transactions in the markets.

Citigroup is also pressing ahead with a sweeping turnaround plan aimed at cutting costs, resolving regulatory issues and improving profitability to close the gap on its main competitors. As part of this, the bank plans to cut around 1,000 jobs, with further workforce reductions potentially following, while certain severance costs will be booked as early as Q1.