Bank of America’s Global Wealth and Investment Management business saw its 2011 fourth quarter net income decline precipitously compared to the fourth quarter of 2010 as lower transactional activity offset higher net interest income and asset management fees.

The Global Wealth and Investment Management business had $249 million in net income for the fourth quarter, down from $319 million for the same quarter in 2010. That business posted about $1.64 billion in net income for the year ending Dec. 31, 2011, up from $1.34 billion in the previous year.

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