Berkshire Tweaks Bank Play With $2.9 Billion Bet on Citi
- Citi, Ally stakes disclosed as Berkshire exits Wells Fargo
- Paramount, Celanese add to company’s first-quarter picks
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Warren Buffett’s Berkshire Hathaway Inc., which cut many bank holdings as the pandemic bore down on the US, is back with a roughly $2.9 billion bet on Jane Fraser’s Citigroup Inc. even as it said goodbye to a long-time stake in Wells Fargo & Co.
The company also added a $2.61 billion bet on Paramount and a nearly $390 million stake in Ally Financial Inc., according to a regulatory filing Monday. Buffett’s firm also disclosed new stakes in McKesson Corp., Markel Corp. and Celanese Corp.