Surging revenues from fixed income trading helped JP Morgan to open the earnings season for Wall Street's biggest banks with a bang, as net profits at its corporate and investment bank doubled to a record $2.9 billion.

The US bank on October 14 revealed in its results for the three months to September 30 that profits had increased 99% from $1.5 billion a year earlier, with rates trading a key driver of the performance. Wall Street rival Citigroup followed suit with its own third-quarter results later the same day, with rates again helping fixed income revenues sharply higher.