Buffett Ramps Up Bets on Banks With New JPMorgan, PNC Stakes

Berkshire also reports new stakes in Travelers, Oracle
Firm is now invested in four of five largest U.S. banks

Warren Buffett gets ouf of Walmart and in to banks. Bloomberg’s Vince Cignarella reports.Daybreak: Americas." (Source: Bloomberg)

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By Katherine Chiglinsky

November 14, 2018 at 9:29 PM UTC

Updated on

November 14, 2018 at 10:56 PM UTC

This article is for subscribers only.

Warren Buffett’s Berkshire Hathaway Inc. is betting big on banks.

The billionaire’s company piled more than $13 billion into those stocks in the quarter, making Berkshire a major shareholder in four of the five largest U.S. banks, according to a regulatory filing Wednesday. Berkshire disclosed a new stake in JPMorgan Chase & Co. and increased bets on Bank of America Corp. and Goldman Sachs Group Inc.