22 Jan 2012

Q4 profit reported by Bank of America

11:37 am on 22 January 2012

Bank of America has reported a profit of $US2 billion for the three months to the end of 2011, compared with a loss of $US1.2 billion in the same period in 2010.

For the full year, the company reported net profits of $US1.4 billion compared with a net loss of $US2.2 billion in 2010.

Chief executive Brian Moynihan said the company is entering 2012 stronger and more efficient after two years of simplifying and streamlining.

Meanwhile the BBC reports Morgan Stanley, the world's largest broker, reported a fourth-quarter loss of $US250 million compared with a profit of $US836 million a year earlier.

For the full year, Morgan Stanley said its net revenues were $32.4bn compared with $US31.4 billion in 2010.

Goldman Sachs announced on Wednesday that it made 47% less in profits than in 2010 while Citigroup posted a 6% rise on the previous year, to $US11.3 billion. However, fourth-quarter profit fell 11%.

And Wells Fargo bank reported a 21% rise in final quarter profits to $US4.1 billion compared with a year ago.