Bank of America's profits from its global corporate and investment banking business were worse than nearly all of its rivals, tanking 93% in the third quarter after the firm lost more than $2.3bn (€1.6bn) in capital markets revenues in three months because of the credit crunch.

Global corporate and investment banking profits plunged to $100m in the last quarter, from $1.43bn for the same period last year, with Bank of America recording a $717m loss in it capital markets and advisory division.