Summary List Placement
Warren Buffett’s Berkshire Hathaway took a $1.6 billion hit to its portfolio after Bank of America and Wells Fargo shares dropped more than 5% on Wednesday.
Shares slumped after the banks reported double-digit declines in revenue and net income for the third quarter.
Berkshire boasted an almost 12% stake in Bank of America — the second-biggest holding in its portfolio after Apple — and owned more than 3% of Wells Fargo at the last count.
Buffett’s company plowed $2.1 billion into Bank of America over 12 straight trading days to August 4, while it has slashed its Wells Fargo position by more than 60% this year.
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Warren Buffett’s Berkshire Hathaway suffered a $1.6 billion blow to its portfolio from just two stocks on Wednesday, as Bank of America and Wells Fargo slumped more than 5% after reporting their third-quarter earnings.
Bank of America posted an 11% slump in revenue and a 16% drop in net income, as the pandemic continued to weigh on its business. Wells Fargo disclosed steeper declines of 14% and 56% respectively.
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Source:: Businessinsider – Finance