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Warren Buffett Exits Wells Fargo And Buys Stake In Its Rival Bank

BY Benzinga
— 7:24 AM ET 05/17/2022
  • 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 in Ukraine. 
  • 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 to Russia.
  • 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.

More BRKB News

  • US STOCKS-Futures climb as technology and growth stocks rebound
    Reuters - 7:15 AM ET 05/17/2022
  • Buffett's Berkshire buys Citigroup and several other stocks, slashes Verizon
    Reuters - 7:22 PM ET 05/16/2022
  • BRIEF-Berkshire Hathaway Dissolves Share Stake In Abbvie, Bristol-Myers; Takes Share Stake in Paramount Global, Ally Financial
    Reuters - 6:02 PM ET 05/16/2022
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