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Berkshire is selling Bank of America shares worth about $1.48 billion, a filing shows

(Reuters) – Berkshire Hathaway sold about 33.9 million shares of Bank of America stock for about $1.48 billion in multiple transactions this week, according to a regulatory filing.

After the sale, Berkshire owned approximately 999 million BofA shares.

Berkshire is one of the largest shareholders in the Charlotte, North Carolina-based lender. It also invests in several other banks, including Wells Fargo & Co. and JPMorgan Chase

The conglomerate, owned by Warren Buffett, began investing in Bank of America in 2011, buying $5 billion in preferred stock plus warrants to buy 700 million shares of common stock. At the time, many investors were concerned about the bank’s capital needs.

(Reporting by Chandni Shah and Surbhi Misra in Bengaluru; Editing by Sam Holmes and Tomasz Janowski)