Bear Stearns recorded an 80% rise in fixed income revenues in the third quarter, helping to limit its fall in profits.

Traditionally far stronger in fixed income than in equities or investment banking, Bear Stearns saw its profits fall 26% compared with the same period last year, to $135m (€147m). The bank's return on equity fell more than two-and-a-half percentage points to 12.2%, among the lowest on Wall Street.