The 91-year-old “Oracle of Omaha” scooped up Citi shares while they have been underperforming the rest of the financial sector in the past 12 months. The stock is down nearly 40% while the Financial Select Sector SPDR Fund is off by 12% over the same period.
Citi welcomed Jane Fraser as its new CEO a year ago, the first female chief of a major U.S. bank. She has set a medium-term target of 11% to 12% for return on tangible common equity, aiming to overhaul a company that has deeply underperformed U.S. rivals for years.
Fraser has opted to exit less-profitable parts of the firm’s global empire, including leaving 13 retail markets across Asia and Europe.
Citi now joins some of those rivals in Buffett’s portfolio. Berkshire owned $41.6 billion of Bank of America at the end of March, marking its second biggest holding next to Apple. Berkshire has owned Bank of American since 2017.
Berkshire built a $390 million new stake in Ally Financial. The stock jumped 4% in premarket trading Tuesday after the disclosure.
The conglomerate also held shares in Bank of NY Mellon, U.S. Bancorp, Mastercard and Visa. The conglomerate exited its position in Wells Fargo in the first quarter.
Oregon suspect accused of torturing woman released day he arrived at Nevada prison
The Powerball Jackpot Is on the Rise Again. Prize Climbs to $653 Million
New York Youth Symphony nominated for 1st Grammy
2023 Hyundai Ioniq 6 Rated At Up To 361 Miles Of Range By EPA
Türkiye’s ‘Water Efficiency Campaign’ kicks off in Ankara
Dorchester prepares to bid farewell to Ashmont Grill
Sprinter RV Conversion Packs Bunk Beds And Bathroom In Standard-Length Van
Silver, Copper Prices On The Rise Amid Supply Shortages
Cops re-open probe after woman ‘assaulted’ on Conor McGregor’s yacht
Gordon Ramsey to Produce New Tubi Series ‘Kitchen Commando’ (TV News Roundup)
Where Is ‘How I Met Your Father’ Filmed?
Gold Stocks: 5 Seldom Mentioned Names, All In Uptrends
Boston police seek suspect in Mattapan assault
Shania Twain Doesn’t Plan on Having Plastic Surgery: ‘You Don’t Really Know What You’re Going to Get’
Adani’s $70 Billion Disaster Is Badly Timed For India’s Economy
Auto24 hours ago
Nissan Global Sales Plummeted By 20.7 Percent In 2022 To 3.23 Million Cars
News19 hours ago
With new Mass. hotline, free abortion legal advice is just a call away
Travel24 hours ago
Top 4 summer music festivals in Europe
Finance22 hours ago
Banks Cannot Keep Shouldering Risks For Crypto And Fintech Clients
News22 hours ago
Jenna Ortega Paid Homage to the OG Wednesday Addams Lisa Loring
Wellness23 hours ago
So, You Loved Dry January. Here’s How to Be Mindful About Drinking Year-Round.
Wellness21 hours ago
How Exocrine Pancreatic Insufficiency Affects Your Body and Mind
Politics23 hours ago
Why some Democrats are concerned about Kamala Harris leading the party