Revenue at the GWIM unit rose 8 per cent year-on-year to $4.4 billion as of end-September 2013, but like net income, is down slightly from $4.5 billion at Q2 2013.

The bank said in its latest earnings release that long-term assets under management flows were $9.7 billion for the quarter, representing a 79 per cent increase from a year ago and reaching $38.9 billion year-to-date.

It described GWIM asset management fees of $1.7 billion as a “post-merger record,” equivalent to a year-on-year growth rate of 13 per cent. Meanwhile, GWIM client balances of $2.28 trillion increased $68 billion, or 3.1 per cent, for the quarter, while Merrill Lynch Wealth Management client balances rose 3 per cent.

Merrill Lynch revenues were $3.6 billion, up 6.6 per cent over last year but down 2.6 per cent from this year’s second quarter due to “reduced market activity and seasonality.”

The firm logged a total of 14,036 financial advisors as at September 30, 2013, down by 133 for the quarter, which is said was primarily driven by “continued attrition of off-target and pre-production PMDs.”

At US Trust Q3 2013 revenues of $730 million are the second highest quarter since the end of 2008, the bank said - behind only Q2 2013 - up $74 million or 11.3 per cent compared to Q3 2012. Total client balances of $363 billion are up $12 billion from this year’s second quarter and $30 billion higher than the same period a year ago.

Across the group, Bank of America reported that net income rose to $2.5 billion in the third quarter of 2013 from $340 million a year ago, but this figure is down from $4 billion recorded at June 30, 2013.

Just over a year ago, BoA agreed to sell its non-US wealth management arm to Julius Baer, the Swiss private bank.