Bank of America Merrill Lynch has added to a downbeat earnings season for Wall Street, by posting double-digit drops in revenue across its investment banking and sales and trading businesses for the first quarter.

The bank published results for the three months to March 31 on April 14. It followed US peer JP Morgan, which on April 13 opened the first-quarter reporting season for the large Wall Street banks by revealing it had suffered its worst start to the year in its capital markets businesses since the financial crisis.