Skip to Main Content.
Site navigation
Fidelity.com Home
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log In
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log Out
  • Accounts & Trade
    • Portfolio Log In Required
    • Portfolio
    • AccountPositions Log In Required
    • AccountPositions
    • Trade Log In Required
    • Trade
    • Trading Dashboard Log In Required
    • Trading Dashboard Log In Required
    • Active Trader Pro
    • Transfers
    • Cash Management Log In Required
    • Cash Management
    • Bill Pay Log In Required
    • Bill Pay
    • Full View Log In Required
    • Full View
    • Security Settings Log In Required
    • Security Settings
    • Account Features Log In Required
    • Account Features
    • Statements Log In Required
    • Statements
    • Fidelity Alternative Investments Program Log In Required
    • Tax Forms & Information
    • Retirement Distributions Log In Required
    • Fidelity Rewards+registered trademark Log In Required
    • Fidelity Rewards+registered trademark Log In Required
    • New Account Checklist Log In Required
    • Lending Solutions-Line of Credit Log In Required
    • Refer a Friend
  • Planning & Advice
    • What We Offer
    • Build Your Plan
    • My Goals
    • Financial Basics
    • Building Savings
    • Robo Investing Plus Financial Advice
    • Wealth Management
    • Find an advisor
    • Retirement
    • Life Events
    • Saving & Investing for a Child
    • Charitable Giving
  • News & Research
    • News
    • Wealth Management Insights
    • Watch List Log In Required
    • Quotes
    • Quotes
    • Alerts Log In Required
    • Mutual Funds
    • Stocks
    • Fixed Income, Bonds & CDs
    • ETFs
    • Options
    • Markets & Sectors
    • IPOs
    • Annuities
    • Learning Center
    • Notebook
    • Notebook
  • Investment Products
    • Mutual Funds
    • Retirement & IRAs
    • Stocks and Trading
    • Crypto
    • Direct Indexing
    • Fixed Income, Bonds & CDs
    • ETFs
    • Options
    • Sustainable Investing
    • Cash Management & Credit Cards
    • Managed Accounts
    • 529 College Savings
    • Health Savings Accounts
    • Annuities
    • Life Insurance & Long Term Care
  • Why Fidelity
    • The Fidelity Advantage
    • Planning & Advice
    • Trading
    • Straightforward Pricing
    • Insights & Tools
    • Security & Protection
    • Marketplace Solutions
    • About Fidelity
    • Careers
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log In
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log Out
Content and data provided by various third parties and Fidelity − Terms of Use
  • Research >
  • Stocks >
  • News & Events >

Stock Details


  • Snapshot
  • Detailed Quote
  • Advanced Chart &
    Technical Analysis Opens in New Window
  • News & Events
  • Compare
  • Analyst Opinions
  • Research Reports
  • Key Statistics
  • Earnings
  • Dividends
  • Ownership & Insiders
  • Financial Statements
  • SEC Filings

RELATED RESOURCES

  • Stock Research Overview
  • Stock Screeners
  • Markets & Sectors
  • Fidelity Learning Center Opens in New Window
Print Format
Change Text Size:
  • Default text sizeA
  • Larger text sizeA
  • Largest text sizeA

Citi shares climb as Berkshire reveals new $3 billion stake

BY Reuters
— 9:22 AM ET 05/17/2022

(Reuters) -Citigroup Inc's (C) shares rose nearly 8% after a new $3 billion bet by billionaire investor Warren Buffett's Berkshire Hathaway Inc (BRK/A) boosted confidence in the battered Wall Street lender's stock.

Berkshire built its stake in Citigroup (C) in the quarter ended March 31, taking advantage of a 5% pullback in shares during the period as U.S. banks' stocks slid on fears of slowing economic growth.

The shares have slumped 38% over the past 12 months, the most among major Wall Street banks.

"Citi is one of the cheapest stocks in the market," said Thomas Hayes, chairman at Great Hill Capital in New York.

"With Buffett 'blessing' it, it should finally get the interest it deserves and attract some buying interest in coming weeks and months."

Citi, which lags the financial performance of its peers, is undergoing an overhaul led by Chief Executive Officer Jane Fraser. It is also working to fix its risk and compliance systems after regulatory orders.

"The (Berkshire) investment seems like it gives validation to CEO Jane Fraser as an effective financial architect. However, it has no bearing on what's needed most, and that is the building out and completion of the transformation plan," Wells Fargo analyst Mike Mayo said.

The latest investment takes Berkshire's interest in Citi to 2.8%, making it the fourth largest shareholder, according to Refinitiv data.

Investing in so-called value stocks - assets trading below their intrinsic value - has a broad following and Warren Buffett is a prominent proponent of this investment style.

Berkshire also exited its 33-year-old investment in Wells Fargo & Co.

(Reporting by Medha Singh, Bansari Mayur Kamdar and Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

More BRKB News

  • Citi shares jump as Berkshire adds $3 bln stake
    Reuters - 9:19 AM ET 05/17/2022
  • US STOCKS-Wall Street set to open higher as technology, growth stocks rebound
    Reuters - 9:08 AM ET 05/17/2022
  • Morning Brief: Top Financial Stories Dominating on Tuesday, May 17
    Benzinga - 8:07 AM ET 05/17/2022
Fidelity Investments. Copyright 1998–2022 FMR LLC. 
All rights reserved. 

  • Terms of Use|
  • Privacy|
  • Security|
  • Site Map 
Close