Warren Buffett's Berkshire sells around $1.48 billion Bank of America shares, filing showsBerkshire is one of the Charlotte, North Carolina-based lender's largest shareholder. It also invests in several other banks, including Wells Fargo Co and JPMorgan Chase
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Berkshire Hathaway logo.
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Berkshire Hathaway sold about 33.9 million shares of Bank of America for around $1.48 billion over multiple transactions this week, a regulatory filing showed.
After the sale, Berkshire owned about 999 million BofA shares.
Berkshire is one of the Charlotte, North Carolina-based lender's largest shareholder. It also invests in several other banks, including Wells Fargo Co and JPMorgan Chase
The conglomerate, owned by Warren Buffett, began investing in Bank of America in 2011, purchasing $5 billion of preferred stock plus warrants to buy 700 million common shares, at a time many investors worried about the bank's capital needs.