Warren Buffett sells stakes in two banks, raises Bank of America bet

Warren Buffett cut his exposure to two more banks last quarter while raising his commitment to Bank of America (BAC) and buying new stock in Capital One (COF).

The billionaire’s investment conglomerate Berkshire Hathaway (BRK-A) (BRK-B) sold $1.4 billion of its remaining holdings in custody bank Bank of New York Mellon (BK) and Minneapolis regional lender US Bancorp (USB), according to filings.

They are the latest of his longstanding bank bets to be pared. The Oracle of Omaha sold a large portion of Berkshire’s holdings in US banks between 2020 and 2022, some just months before the banking system upheaval that began in mid March.

The 92-year-old investor has over the decades played the role of rescuer to a number of institutions, including in the 2008 financial crisis. He has yet to emerge as a white knight for any banks in trouble during this current crisis, at least in any way that has thus far been made public.

Buffett made it clear at Berkshire’s annual shareholders meeting…

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This article was written by and originally published on finance.yahoo.com