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Warren Buffett's stock portfolio took a $1.6 billion hit from Bank of America and Wells Fargo in a single day

10 days ago   |   By Business Insider

Summary List Placement
Warren Buffett's Berkshire Hathaway took a $1.6 billion hit to its portfolio after Bank of America and Wells Fargo shares dropped more than 5% on Wednesday.
Shares slumped after the banks reported double-digit declines in revenue and net income for the third quarter.
Berkshire boasted an almost 12% stake in Bank of America - the second-biggest holding in its portfolio after Apple - and owned more than 3% of Wells Fargo at the last count.
Buffett's company plowed $2.1 billion into Bank of America over 12 straight trading days to August 4, while it has slashed its...
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