Warren Buffetts Berkshire Hathaway Inc. unloaded billions of dollars of bank stocks as the U.S. economy reeled during the coronavirus lockdown.
Berkshires holdings of Wells Fargo & & Co. and JPMorgan Chase & & Co. stock dropped by more than $3 billion apiece in the 2nd quarter, according to regulative filings revealed Friday. The company also liquified its stake in Goldman Sachs Group Inc., which deserved about $300 million at the end of the first quarter.
The conglomerate has all at once been including to its ownership of Bank of America Corp. in current weeks and now owns roughly 12% of the company, according to FactSet.
Bank stocks have taken a huge hit this year as the biggest set aside tens of billions of dollars to represent prospective loan losses. Bank executives have said they believe the present economic crisis will now be much deeper and longer than initially expected. The KBW Nasdaq Bank Index has actually fallen 31% this year.
Mr. Buffett has revealed optimism about a healing in the U.S. economy, but alerted in May that stocks can be unforeseeable.

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