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-	More and more people on "relatively modest salaries" are being dragged into becoming higher-rate taxpayers, Budget analysis suggests.	+	Bank of America has reported a $2bn (�1.2bn) profit for the three months to the end of 2011, compared with a $1.2bn loss in the same period in 2010.
-	The number of higher rate taxpayers, who pay a chunk of their income at the 40% tax level, could rise from 3.7m last year to 5m by 2014.	+	It signals continued recovery for the US' second biggest lender.
-	The Institute for Fiscal Studies (IFS) made the prediction after studying changes to tax levels in the Budget.	+	For the full year, the company reported net profits of $1.4bn compared with a net loss of $2.2bn in 2010.
-	However, lower-income families will benefit from the changes.	+	Meanwhile Morgan Stanley, the world's largest broker, reported a fourth-quarter loss of $250m compared with a profit of $836m a year earlier.
-	In the Budget, the government also decided to end age-related tax allowances for pensioners.	+	Despite the loss, the results at Morgan Stanley beat analysts' expectations since it was able to increase its share of the equity trading market in the period.
-	The IFS said that move will cause pensioners to lose 0.25% of their income in 2014.	+	For the full year, Morgan Stanley said its net revenues were $32.4bn compared with $31.4bn in 2010.
-	'Millionaires pay less'	+	Recent results from American banks have been mixed with Goldman Sachs announcing on Wednesday that it made 47% less in profits than in 2010 whilst Citigroup posted a 6% rise on the previous year.
-	Shadow chancellor Ed Balls criticised the changes to pension allowances.	+	Bank of America chief executive Brian Moynihan said: "We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company."
-	"The fact is the normal increase in the state pension just keeps up with inflation, but cuts to personal allowances in the Budget will mean 4.4 million pensioners are worse off in real terms," he said.	+	"Reflecting a gradually improving economy," continued Mr Moynihan, "we saw solid business activity by companies of all sizes, with commercial and industrial loan balances rising."
-	"It's now even clearer that this was a Budget that asked millions to pay more so millionaires could pay less."	+	Bank of America was one of the worst performers on Dow Jones Industrial Average index of leading companies in 2011, losing 58% of its share value over the year.
-	But Chancellor George Osborne told the BBC that no pensioner would be worse off in cash terms, including the "largest increase in the state pension" next month.	+	The lender has been hit by lingering concerns about bad mortgage loans on its books in the wake of the 2008 sub-prime crisis when it was bailed out by the US government.
-	"The net changes made by this government, including introducing this triple lock, mean that pensioners are better off."	+	The bank has been building up its reserves, known as Tier 1 capital, to protect itself against the risk of further bad loans.
-	The tax-free chunk of income, known as the personal allowance, is rising for the under-65s to �9,205 in April 2013.	+	"Our fourth-quarter results reflect the aggressive steps we have been taking to strengthen the balance sheet and position the company for long-term growth," said chief financial officer Bruce Thompson in a statement.
-	The IFS said this would cost the Treasury an estimated �3.5bn, and would mean 675,000 fewer people would pay income tax.	+	"During the quarter, we significantly increased capital and liquidity. For 2012, our focus is to continue to build capital and liquidity and manage expenses."
-		+
-	From 6 April, people earning taxable incomes of up to �34,370 will pay 20% in tax and people earning between �34,371 and �150,000 are taxed at 40%.	+

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Revision as of 22:30, 12 October 2012

Bank of America has reported a $2bn (�1.2bn) profit for the three months to the end of 2011, compared with a $1.2bn loss in the same period in 2010.

It signals continued recovery for the US' second biggest lender.

For the full year, the company reported net profits of $1.4bn compared with a net loss of $2.2bn in 2010.

Meanwhile Morgan Stanley, the world's largest broker, reported a fourth-quarter loss of $250m compared with a profit of $836m a year earlier.

Despite the loss, the results at Morgan Stanley beat analysts' expectations since it was able to increase its share of the equity trading market in the period.

For the full year, Morgan Stanley said its net revenues were $32.4bn compared with $31.4bn in 2010.

Recent results from American banks have been mixed with Goldman Sachs announcing on Wednesday that it made 47% less in profits than in 2010 whilst Citigroup posted a 6% rise on the previous year.

Bank of America chief executive Brian Moynihan said: "We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company."

"Reflecting a gradually improving economy," continued Mr Moynihan, "we saw solid business activity by companies of all sizes, with commercial and industrial loan balances rising."

Bank of America was one of the worst performers on Dow Jones Industrial Average index of leading companies in 2011, losing 58% of its share value over the year.

The lender has been hit by lingering concerns about bad mortgage loans on its books in the wake of the 2008 sub-prime crisis when it was bailed out by the US government.

The bank has been building up its reserves, known as Tier 1 capital, to protect itself against the risk of further bad loans.

"Our fourth-quarter results reflect the aggressive steps we have been taking to strengthen the balance sheet and position the company for long-term growth," said chief financial officer Bruce Thompson in a statement.

"During the quarter, we significantly increased capital and liquidity. For 2012, our focus is to continue to build capital and liquidity and manage expenses."