Bank of America Merrill Lynch has followed its Wall Street rivals with a drop of more than $500m in fixed income sales and trading revenues that dragged net third-quarter profits from its global markets division down 30% from a year ago.

BAML, which reported its quarterly performance today, followed US investment banking rivals Citigroup, where fixed income sales and trading revenues also fell more than $500m, or 16%, and JPMorgan, where they were down 27%, or more than $1bn.