Berkshire still owns a 10.5% stake in the bank worth about $33 billion, making it the conglomerate’s third-largest public holding.

Berkshire Hathaway continued to reduce its stake in Bank of America in recent days, selling 11.7 million shares for about $460 million and cutting its interest in the banking company to 10.3%. Berkshire sold the shares on Wednesday,

Bank of America's deposit base is eroding rapidly despite the money supply surge in recent years. Click here to read an analysis of BAC stock here.