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Warren Buffett’s Berkshire Hathaway slashed its stakes in among the US’s greatest banks within the ultimate three months of 2024, because the billionaire investor dumped billions of {dollars}’ price of Financial institution of America and Citigroup shares.
The sprawling conglomerate bought almost three-quarters of its place in Citigroup, promoting 40.6mn shares price greater than $2.4bn, in keeping with a submitting with US securities regulators revealed on Friday.
Berkshire additionally continued to promote shares of BofA, an funding that dates again to the monetary disaster when Buffett stepped in to offer ballast to one of many nation’s largest lenders.
Berkshire, which owned a 13 per cent stake within the financial institution, waited for BofA and the broader US monetary system to climate the regional banking disaster earlier than it started chopping its place. However beginning final July, it started to aggressively minimize its stake, typically dumping shares on the open market in consecutive buying and selling classes.
The disclosure on Friday confirmed Berkshire had minimize its stake an additional 95mn shares since mid-October, when its possession place fell under 10 per cent.
It is a growing story
