Executive Director Berkshire Hathaway, Warren Buffett
© Kevin Lamarque
Berkshire Hathaway, the Warren Buffett holding, has bought a $ 4 billion share from the US bank JPMorgan Chase, the Financial Times writes. The company has invested billions of dollars in other banks in the country, showing the documents of regulators. Berkshire has bought a total of 35.7 million shares from JPMorgan, or about 1.1% of the total bank, which is the largest asset in the United States.
The investment in JPMorgan raises the number of financial institutions where Berkshire has a share of up to 14 in a total portfolio of $ 94 billion. It includes investments in regional banks such as the United States Bankorp and M & T Bank, as well as Wall Street cars such as Goldman Sachs.
Over the last two years, Berkshire Hathaway has not made multiple acquisitions as Warren Buffett himself opposes such investments. Instead, Buffett, along with partners, Todd Combs and Ted Weshler, are investing billions of dollars in public companies in the US, who have recently enjoyed incredible enthusiasm in the markets. As well as investing in banks, Berkshire has increased its share in Apple over the last year. Combs will be a board member of JPMorgan directors.
What else is Bufett's buying?
Regulatory documents released on Wednesday also indicate that Berkshire has bought over 6 million shares in PNC Finance, a regional bank that has a major influence on the eastern coast of the United States. Shares withbut totaling $ 800 million. The holding has increased its share in other banks such as Bank of America, the United States Bank and Bank of New York Mellon. At the same time, however, the company sold 9.7 million shares to Wells Fargo. Buffett said that he would withdraw in part of the bank because he could not keep his reserves over 10%.
At present Berkshire is estimated to be $ 207 billion, according to data at the end of September.
The direct investment in JPMorgan is coming after the bank, together with Berkshire Hathaway and Amazon, has set up a joint healthcare unit to reduce staff costs. Chief Executive of Buffett and JPMorgan Jamie Diamond were also the two most major draft supporters to end quarterly stock reports to help companies focus on long-term plans.