Warren Buffett’s Berkshire Hathaway slashed its stakes in some of the US’s biggest banks in the final three months of 2024, as the billionaire investor dumped billions of dollars’ worth of Bank of America and Citigroup shares.
The sprawling conglomerate sold nearly three-quarters of its position in Citigroup, selling 40.6mn shares worth more than $2.4bn, according to a filing with US securities regulators published on Friday.
Berkshire also continued to sell shares of BofA, an investment that dates back to the financial crisis when Buffett stepped in to provide ballast to one of the country’s largest lenders.
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