Warren Buffett’s Berkshire Hathaway has agreed to invest $5bn to shore up confidence in Bank of America, in a deal that underscores the billionaire’s role in stabilising US financial institutions in times of crisis.
BofA’s shares have tumbled almost 40 per cent this year amid concerns the US bank’s troubled mortgage business could overwhelm its balance sheet, forcing the lender’s executives to reverse course and raise additional equity.
News of the Berkshire deal pushed BofA’s stock up on Thursday. By mid-morning in New York, the shares were up 12 per cent at $7.82, with other banks also trading higher.
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