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Billionaire investor Warren Buffett has offloaded $3.23 billion worth of Berkshire Hathaway’s stakes in major US banks, including Citigroup, Bank of America, and Capital One. The move continues Buffett’s retreat from the banking sector, while increasing Berkshire’s cash reserves to $350 billion.
- Berkshire Hathaway completely exited Citigroup (14.6M shares) and reduced Bank of America stake by 48.7M shares in Q1.
- Buffett's firm boosted investments in Constellation Brands (doubled stake), Domino's Pizza, and Occidental Petroleum while maintaining Apple position.
- Berkshire's cash reserves surged to $350 billion by end of Q1 2024, up from $334 billion at end of 2024.
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