Warren Buffett reportedly wants the Fed's permission to boost Berkshire's stake in Bank of America beyond 10% (BAC, BRK.B)

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• Warren Buffett's Berkshire Hathaway is seeking approval from the Federal Reserve to increase its stake in Bank of America past 10%, Bloomberg reported Tuesday.
• The Omaha, Nebraska-based holding company said it doesn't plan to merge the bank, sell its assets, or make other significant changes to its strategy or leadership, according to Berkshire's application obtained by Bloomberg.
• Berkshire's position in BofA stock is its second-largest equity holding after Apple, and was worth more than $27 billion as of Monday's closing price.
• BofA stock jumped as much as 3.8% on the news. The bank reports its third-quarter earnings figures Wednesday morning.
• Watch Bank of America trade live here.

Warren Buffett is seeking permission from the Federal Reserve to bump Berkshire Hathaway's stake in Bank of America past 10%, Bloomberg reported Tuesday.

The holding company applied for the Fed's approval in recent weeks and made several statements in the document assuring that it won't take active control of the bank. Buffett's company noted that it doesn't plan to merge BofA, sell its assets, or make significant changes to its strategy or leadership, according to Bloomberg.See the rest of the story at Business Insider

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