BUZZ-Citigroup, Bank of America fall after Berkshire cuts stake

Shares of U.S. banking giants Citigroup C.N and Bank of America BAC.N fall 1.2% and 0.4%, respectively, premarket

After market on Friday, Warren Buffett's Berkshire Hathaway BRKa.N disclosed it had reduced holdings in four banks, including Citi and BofA

Berkshire lowered stake in Citi by ~74% to 14.6 mln shares, and BofA by ~15% to 680.2 mln shares, it revealed in a regulatory filing detailing holdings as of Dec. 31

During the fourth quarter, Berkshire also reduced its stakes in consumer lenders Capital One COF.N and Brazilian fintech Nu Holdings NU.N

U.S.-listed shares of Nu, which does business as Nubank, fell 2.5% premarket

Citi shares rose nearly 37% in 2024, while BAC climbed roughly 31%