Bank of America (BoA) cut its loan loss provisions by almost one third in the third quarter, but has joined most of its competitors in reporting an equally noticeable drop in trading revenues.

The US financial services group's global corporate and investment banking unit earned $428m (€437m), or 18% less than the third quarter last year. Revenue for the division fell 11% to $2bn. The drop was limited by a 30% decrease in loan loss provisions. However, trading revenues were 29% lower at $576m.