Berkshire Hathaway Trims Its Stake in Wells Fargo

Warren Buffett's holding company Berkshire Hathaway (BRK.A) - Get Report (BRK.B) - Get Report trimmed its stake in Wells Fargo, according to regulatory documents filed on Wednesday.

Berkshire Hathaway withdrew its application to the Federal Reserve to boost its ownership stake in the bank to above 10%, and will instead sell about 9 million shares to keep it below that threshold.

Berkshire Hathaway said it sold more than 7.1 milllion shares of the bank earlier this week, and planned to sell another 1.87 million shares "in the near future."

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