Citi shares jump as Berkshire adds $3 bln stake
Citi is undergoing an overhaul led by Chief Executive
Officer
Its shares have slumped 38% over the past 12 months, the
most among major
Berkshire also exited its 33-year-old investment in Wells Fargo & Co (WFC) and deployed its cash to build stakes in Ally Financial Inc (ALLY), chemicals and specialty materials company Celanese Corp (CE) and drug distributor McKesson Corp (MCK) among others, boosting their shares.
Investing in so-called value stocks - assets trading below
their intrinsic value - has a broad following and