Warren Buffett’s Berkshire Hathaway Inc. slashed its exposure to big-bank shares in the first quarter, liquidating its position in Citigroup Inc. and trimming positions in Bank of America Corp. and Capital One Financial Corp., according to a regulatory filing on Thursday.

Berkshire has now amassed the most cash and cash equivalents in its history -- over $347 billion. The company's diverse and cash-rich businesses make it resilient during economic downturns. Despite Warren Buffett's imminent departure,

Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) sold its shares of Citigroup (C) during the first quarter, while trimming its stakes in Bank of America (BAC) and Capital One (COF). Berkshire shed its more than 14.