Greg Abel Sells Bank of America Shares for Seventh Straight Quarter
BAC•Greg Abel, Warren Buffett’s successor as CEO of Berkshire Hathaway, has sold Bank of America shares for a seventh straight quarter, reducing the conglomerate’s cost basis in financial stocks during Q1. Berkshire’s financial stocks cost basis declined during the first quarter, signaling continued portfolio trimming by its new investment head.
1. Leadership Transition at Berkshire Hathaway
Warren Buffett retired as CEO on December 31, 2025, handing control of Berkshire Hathaway to his longtime lieutenant, Greg Abel. The leadership change marks the first major executive shift in over five decades and places Abel at the helm of the conglomerate’s $350 billion equity portfolio.
2. Seven Straight Quarters of Bank of America Share Sales
Since taking the CEO role, Abel has consistently sold Bank of America shares for the seventh consecutive quarter in Q1 2026. This ongoing divestment follows Berkshire’s 2025 position in BofA of roughly 1 billion shares, which has now been trimmed by single-digit millions each quarter.
3. Declining Cost Basis in Financial Stocks
Berkshire’s cost basis in financial holdings fell during the first quarter, reflecting Abel’s cautious stance on the banking sector. The reduction in book value suggests a strategic realignment of the portfolio away from large regional and national banks, potentially reallocating capital toward industrial or consumer sectors.
