Warren Buffett took another step toward the exit on his long-running investment in Wells Fargo.
Buffett’s Berkshire Hathaway pared its stake in the lender to about 127 million shares at the end of September, according to a regulatory filing Monday. That’s roughly 10 million fewer than in mid-August.
Buffett has repeatedly trimmed the decades-old investment in Wells Fargo this year, reducing what was once Berkshire’s top common stock holding to a stake valued at $3 billion at the end of the third quarter.
He’s been pulling back from the scandal-ridden bank as it prepares to unveil strategic changes. The move is part of a broader retooling of Berkshire’s bets on bank stocks.
