The firm announced it was cutting its 2026-27b remittances by 4.5% following its first-half results, which saw revenue in its investment banking jump 44% in the quarter to $1.55 billion. Total banking revenues rose 34% to $1.92 billion, despite corporate lending revenue dipping by 4%.

Citi said: “This reflects lower pension buyout volumes underwritten at a reduced IFRS margin offset by higher operating profit from asset management driven by lower CIR, and an additional £100m per annum from asset optimisation actions.”

Citi said its core operating profit forecast continues to be broadly in line with Visible Alpha consensus in 2026 and 2027.

“Our core operating EPS is expected to grow by 8% Year-on-year compared to the company’s communicated 9% outlook,” it said.

The bank said it was making no changes to its 2026 dividend per share estimate.

At 0948 BST, the shares were down 1.7% at 311p.