Line of Credit 
Print FormatWarren Buffett Exits Wells Fargo And Buys Stake In Its Rival Bank
- Berkshire Hathaway Inc NYSE: BRK-B bought
$3 billion worth of shares in Citigroup Inc NYSE:C in Q1, giving the group a stake of about 2.8%, according to filings with regulators. - The investment came as Berkshire sold the remainder of its position in Wells Fargo & Co NYSE:WFC, a rival bank that had been a staple in Buffett's portfolio for more than three decades, Financial Times reported.
- At the start of 2022,
Warren Buffett , Berkshire's chief executive, plowed$51.1 billion into the market as global stocks sagged due to Federal Reserve, supply chain disruptions, strong inflation, and the war inUkraine . - Berkshire ended 2021 with a near-record
$146.7 billion cash pile. Citigroup has slid more than 21% this year. - Citi also warned of losses of up to
$3 billion tied toRussia . - Related: Citigroup In Talks With Potential Buyers For Russia Retail Ops: Bloomberg.
- Berkshire bought
$7.7 billion worth of shares in oil and gas company Occidental Petroleum Corporation NYSE:OXY and boosted its stake in Chevron Corporation NYSE:CVX - Price Action: C shares traded higher by 5.35% at
$50 premarket on the last check Tuesday.
