Bank of America today reported its lowest full-year revenues from advisory and underwriting since its merger with Merrill Lynch, but strong underlying performance in sales and trading gave cause for cheer.

Bank of America Merrill Lynch's investment banking division sits within its Global Banking unit and houses the M&A, debt and equity capital market advisory teams. The unit generated revenues of $2.8bn during 2012, down from $3.1bn in 2011, making it the lowest full-year figure since Bank of America merged with Merrill Lynch in 2008.