Warren Buffett’s Berkshire Hathaway Inc said on Friday it reduced its stake in Wells Fargo & Co to 3.3%, further reducing what was once a $ 32 billion investment in the bank.
WARREN BUFFETT’S BERKSHIRE HATHAWAY ACQUIRES SLIGHTLY MORE THAN 5% OF THE STAKES IN FIVE MAJOR JAPANESE COMPANIES
Berkshire said in a regulatory filing that it owns around 137.6 million shares, worth $ 3.4 billion, of America’s fourth-largest bank by assets, down about 100 million compared to the end of June.
|BRK.A||BERKSHIRE HATHAWAY INC.||327 401,00||+41,00||+ 0,01%|
|BRK.B||BERKSHIRE HATHAWAY INC.||218,32||+0,17||+ 0,08%|
|WFC||WELLS FARGO & COMPANY||24,79||+0,27||+ 1,10%|
Buffett started investing in Wells Fargo in 1989, but slashed Berkshire’s stake as the bank struggles to recover from a series of scandals over dealing with customers, including opening accounts without their knowledge .
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Wells Fargo’s ability to grow remains subject to a Federal Reserve limit. On Wednesday, Moody’s Investors Service downgraded its outlook for the bank’s rating from “negative” to “stable,” citing the bank’s slower-than-expected ability to resolve governance and oversight issues of previous years.
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Berkshire still owns shares of several other banks, including Bank of America Corp, which has become its largest common stock stake other than iPhone maker Apple Inc,
The Buffett conglomerate also has dozens of operating companies, including the BNSF railroad and auto insurer Geico.
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