First it was Warren Buffett. Now, another key Bank of America Corp. investor that stood by it since the worst days of the 2008 financial crisis is chopping down its stake.
Kuwait Investment Authority, the trillion-dollar sovereign fund of the oil-rich Gulf state, sold a $3.1 billion stake in the second-largest US bank, according to people with knowledge of the matter. Shares in the unregistered block trade were priced at $47.95 apiece, the bottom of a range marketed by Goldman Sachs Group Inc., the people said asking not to be identified discussing the private deal.
The wealth ...
