• Safi Bello

Berkshire Cuts Wells Fargo Stake to Get Below Fed's Limit

Bloomberg ------- Warren Buffett’s Berkshire Hathaway Inc. sold more than 7 million shares of Wells Fargo & Co. stock and plans to divest additional shares to get below the Federal Reserve’s 10 percent threshold for ownership in a bank.“These sales are not being made because of investment or valuation considerations,” Omaha, Nebraska-based Berkshire said Wednesday in a statement. “Rather, they are solely motivated by the desire to return to a percentage ownership below the 10 percent notification threshold.” U.S. rules have long curtailed the influence of outsiders on banks. None of the other top four lenders in the nation can claim a single investor with a holding the size of Buffett’s Wells Fargo stake. The billionaire disclosed in a filing last year that his position climbed to 10 percent because the bank had been buying back its own stock. To learn more click on the picture below to read the article.

Berkshire Cuts Wells Fargo Stake to Get Below Fed's Limit - Read More from Bloomberg

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