Berkshire Hathaway released its regulatory filing on Monday, revealing that it had sold nearly its entire stake in Wells Fargo (NYSE: WFC) by the end of the first quarter.
Warren Buffett’s firm had unloaded 99% of its remaining stake in the financial services company, representing around 51.7 million shares, leaving the firm with just $26.4 million invested in Wells Fargo.
Wells Fargo has been a staple holding of Warren Buffett's portfolio since 1989, with Berkshire once ranking as the bank's largest shareholder, possessing a $30 billion stake in January 2018. However, due to the numerous scandals the bank has faced over the past few years, Buffet and Munger's criticism for the bank continued to grow.
Berkshire's primary investment within the US banking sector is now on the Bank of America, where the conglomerate continues to own roughly 12% of the business.
In Monday’s filing, Berkshire also revealed a new $942.6 million investment in British insurance company Aon (NYSE:AON). During after-hours trading on Monday, shares of Aon jumped around 2% following the news release.