Citigroup moved on Wednesday to end its troubled involvement with structured investment vehicles, buying back the last $17.4bn in SIV assets for a loss of $1.1bn.

The decision to wind down its SIVs – one of the first instruments to run into trouble at the outset of the crisis last year – underlines the desire by Vikram Pandit, Citi’s chief executive, to put an end to the company’s loss-making foray in that market.