Warren 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 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 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 OXY and boosted its stake in Chevron Corporation CVX
Price Action: C shares traded higher by 5.35% at $50 premarket on the last check Tuesday.