Bank of America reported its 3Q results overnight. Revenue was flat, at about US$8 billion quarter-on-quarter and year-on-year. However, higher volume and better expenses control saw net income up three per cent to US$1.8 billion in the previous quarter. "This quarter, we increased tangible book value per share by 11 per cent while returning nearly $2.2 billion in capital to common shareholders," Paul Donofrio, the bank's chief financial officer said in a media release. For the second time in six months, the Office for Budget Responsibility is preparing to recalculate the amount the UK government will be able to raise by selling down its 73 per cent stake in Royal Bank of Scotland, which it acquired during a £45 billion bail-out in 2008, the FT reports. The OBR cut its estimate by a quarter in March to £21.5 billion. RBS shares were trading at 172.3p on Monday, valuing the government's holding at £14.8 billion.