Profits at Bank of America Merrill Lynch's global markets unit surged in the third quarter, but higher credit costs and charges related to the Federal Deposit Insurance Corp dragged profits from global banking down 98% to just $40m (€26.8m) as Bank of America chief executive and president Kenneth Lewis today prepared to deliver his last quarterly results call before stepping down in December.

Lewis said at the start of today's conference call: "These are our first results since the announcement of my retirement. I would like to thank you for the support you have shown me and the company."