Billionaire investor Warren Buffett reduced his stake in large US financial institutions during the April to June quarter. The shares they have sold, which can be worth up to billion dollars. In a filing to the US market regulator Securities and Exchange Commission, Warren Buffett’s Berkshire Hathaway has sold its shares of JPMorgan Chase, Goldman Sachs and Wells Fargo. Banks in America are also facing difficulties due to Corona epidemic.
This is increasing the provisions so that they can avoid any adverse situations in the near future. Experts say that these big provisions will reduce interest income. According to the filing, Warren Buffett, who was called the Oracle of Omaha by the end of the last quarter, had about 2 million shares in Berkshire Hathaway.
Along with this, Buffett also cut his stake in Wells Fargo. In this, he sold 85.6 million shares. Warren Buffett also sold shares of JPMorgan, which declined from 57 million shares in the previous quarter to only 22.2 million shares at the end of June. On the other hand, Warren Buffet retained the shares of Bank of America and American Express.
