Results for Bank of America’s Global Wealth and Investment Management division ticked down slightly in the third quarter as seasonally low market activity cut into revenue.

The group, which includes Merrill Lynch and the ultra-high net worth brokerage U.S. Trust, posted revenue of $4.39 billion, down from a record $4.50 billion in the second quarter but still up 8% from last year’s quarter. Merrill Lynch accounted for $3.65 billion of that revenue, down from $3.74 billion in the second quarter. U.S. Trust bought in $730 million, which was $10 million less than the previous quarter, but is up from $656 million in the third quarter last year.

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