Bank of America Merrill Lynch’s investment banking fees jumped 40% in the third quarter, around a year after it installed new leaders to revive performance at its advisory division.

The turnaround was revealed in the bank’s latest earnings on Wednesday, in which it said group net profits fell 19.4% year on year, to $5.8bn. Revenues were flat at around $23bn, but a hefty charge linked to a dissolution of a payment-processing partnership with First Data Corporation weighed on profits.