Warren Buffett picks up more stakes in JPMorgan, PNC
Warren Buffett may be betting that a stronger US economy and rising interest rates will benefit the nation’s biggest lenders
Warren Buffett’s Berkshire Hathaway Inc. is betting big on banks. The company added stakes in JPMorgan Chase & Co. and PNC Financial Services Group Inc. and boosted several other investments in financial institutions.
The JPMorgan stake deepens the ties between the two companies. Todd Combs, one of Buffett’s top deputies, is already on the bank’s board, and Berkshire has teamed up with JPMorgan and Amazon.com Inc. for a healthcare venture.
Buffett may be betting that a stronger U.S. economy and rising interest rates will benefit the nation’s biggest lenders. He’s now a major shareholder in four of the five biggest US banks, and has boosted his investments in Bank of America Corp. by 29% and Goldman Sachs Group Inc. by 38%.
Berkshire also took a new stake in Travelers Co., a rare bet on an insurer that competes with the company’s own Geico unit.
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