Buffett's Berkshire continues to reduce stake in Bank of America via Reuters

(Reuters) – Billionaire Warren Buffett's Berkshire Hathaway (NYSE: ) has dumped Bank of America stock as it continues to shrink the U.S. banking giant, according to an official filing.

Berkshire sold nearly 8.7 million shares for $370 million, as of Oct. 15, the filing showed.

Last week, Berkshire sold 9.5 million shares worth $382.4 million, bringing its stake in the company to less than 10%, according to a separate regulatory filing.

The financial giant began reducing its stake in mid-July when it sold about 33.9 million shares for about $1.48 billion. Since then, it has made more than $10 billion in sales.

Buffett, one of the world's most respected investors, began investing in Bank of America back in 2011 when he bought $5 billion worth of its preferred stock.