Net revenues from global markets and investment banking at Merrill Lynch surged more than one third to a record $4.6bn (€3.8bn) in the first quarter this year, but pre-tax profits plunged 81% to $212m after a one-off charge relating to the way the bank accounts for stock options.

Pre-tax profits from the division rose 41% to $1.6bn in the three months to March compared with the same period a year ago.