Buffett’s Berkshire Hathaway sells stake worth $1.48 billion in Bank of America

Berkshire Hathaway Inc. sold approximately 34 million shares of Bank of America Corp. for $1.48 billion

Warren Buffett’s Berkshire Hathaway has sold roughly 34 million shares of Bank of America for $1.48 billion, a US public filing said on Friday.

Despite the sale, Berkshire still holds over 998 million shares worth over $42 billion, making it one of the bank’s largest shareholders, Bloomberg News reported.

In 2011, Buffett had invested $5 billion in Bank of America, offering crucial support to the lender following the global financial crisis.

Warren Buffett had in the past sold stakes in several banks citing concerns over financial practices, and identified red flags, which led him to reduce exposure to the likes of JPMorgan, Goldman Sachs and Wells Fargo. Despite this, he had retained and even increased his stake in Bank of America.