Merrill Lynch & Co. said its third-quarter earnings hit a record $493 million, up 49% from a year ago and 2% above the previous high in the second quarter of this year.

The investment banking company also noted that it topped $1 trillion in client assets during the third quarter.

Merrill Lynch's earnings per common share during the period ended Sept. 30 were $1.25 primary and $1.24 fully diluted, versus 84 cents primary and fully diluted in the 1996 third quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.