Pre-tax investment banking profits at Merrill Lynch rose 5% to a record $2.2bn (€1.8bn) in the first six months of this year. Net revenues soared by 15% to $6.8bn.

Strong growth in strategic advisory, up 23% to $373m, and debt origination - 14.5% higher at $632m - helped offset a decline in equity origination, down 6.8% to $465m.