Greg Abel Trims Bank of America Stake as Berkshire Tenure Begins

Key Facts

1Greg Abel took over oversight of Berkshire Hathaway's $357 billion investment portfolio following Warren Buffett's retirement.

2Berkshire Hathaway has sold shares of Bank of America for eight consecutive quarters.

In a move marking the start of a new era for one of the world's largest investment vehicles, Greg Abel has officially taken oversight of Berkshire Hathaway's $357 billion portfolio. This leadership transition follows the retirement of Warren Buffett on December 31, with Abel now actively reshaping the firm's holdings. According to reports, this period has been defined by the continued reduction of Berkshire's stake in Bank of America, a divestment process that has now spanned eight consecutive quarters.

These actions reflect a cautious stance toward the banking sector as investors weigh whether the selling signals a broader strategic shift beyond simple profit-taking. Per market data, Bank of America (BAC) shares closed at $61.94 on August 31, 2026. During the same period, peer financial institutions showed varied performance, with JPMorgan Chase (JPM) closing at $356.02, Citigroup (C) at $131.62, and Wells Fargo (WFC) at $86.39.

The BAC stock stands at $61.94 as of the August 31, 2026 close, having traded between a day low of $61.9 and a high of $62.49. With no immediate banking-specific catalysts in the upcoming economic calendar, traders will look to further commentary from Berkshire’s new leadership to gauge future support levels for the stock amidst the ongoing selling pressure.