Morning roundup: Bank of America ekes out small profit in 2011

Here's a look at what's news in banking and finance this morning:

• Bank of America reported earnings this morning, about $1.6 billion net income to shareholders in fourth quarter, and $85 million for the year. Here's the Wall Street Journal's early take. And here's The New York Times look.
• New York Times columnist Nicholas Kristof ponders the question: Is banking bad?
• Morgan Stanley reported a loss today, but it was smaller than estimated, Bloomberg reports.
• The CEOs of JPMorgan Chase and Goldman Sachs say Wall Street will come back from a trading revenue drop in 2011. Analysts and other bankers doubt it, Bloomberg says. (Bank of America said in a call with analysts this morning that they expect trading to stay flat).