This is not the first investment cut decision from Berkshire Hathaway in the recent days.
Warren Buffett (Image: Reuters)
Berkshire Hathaway has sold its majority stake in Goldman Sachs Group Inc by 33 percent in Q1FY21 due to the coronavirus pandemic. Warren Buffett’s company also trimmed investment in JP Morgan & Chase by 3 percent, as per a report from Bloomberg.
Holding in Goldman Sachs has fallen to 1.92 million shares worth $330 million, the company said in a 13F filing.
Berkshire is a regular investor in banks with stakes in many banks below 10 percent – a level above which is subject to regulatory scrutiny.
This is not the first investment cut decision from Berkshire Hathaway in the recent history.
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Around 2019-end, Berkshire exited Travelers Co and Phillips 66 – the latter of which was valued at $25 million, it added. Buffett’s company also reduced investment in Amazon by 0.7 percent in Q1FY21, which was disclosed just last year.
It however increased stake in one bank – PNC Financial Services Group, the agency noted.
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First Published on May 16, 2020 03:32 pm
