Institutional investors in the US ranked JP Morgan as the most supportive fixed-income dealer during the credit crunch through the first half of the year as banks struggled to please their buy-side clients, according to a study from Greenwich Associates.

Following JP Morgan in this category were Lehman Brothers and Banc of America, which tied for second. This is significant given that Lehman’s share price has plummeted this year and its trading desk recorded losses on 40 days in the year’s first half, compared with just three days in the same period last year.