Warren Buffett cut his exposure to two more banks last quarter while 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.
