Bank of America’s global wealth and investment management business reported a 24% year-on-year fall in profits in the second quarter of 2009 to $441m, as tough markets took their toll on the business.

The Charlotte, North Carolina-base bank said lower net interest income, weak equity markets, higher credit costs and restructuring efforts since the merger with Merrill Lynch last year hurt performance. Nevertheless, net revenues rose to $4.2bn in the quarter.