Bank of America CEO says Buffett has been a great backer, hasn’t asked about stock sales

TORONTO (Reuters) - Bank of America CEO Brian Moynihan said on Tuesday Warren Buffett has been a great investor in the company, but he has not asked the legendary investor about recent moves to reduce his stake in the lender.

"He has been a great investor for our company, stabilized our company," Moynihan said about Buffett during an investor conference in New York.

"I don't know what exactly he is doing because frankly we can't ask."



Buffett's Berkshire Hathaway (NYSE:BRKa ), the biggest shareholder in BofA, has been trimming its stake in the U.S. lender, making the total share sales since mid-July nearly $7 billion.

Berkshire has a stake of about 11.1%, according to LSEG data.

Source: Investing.com