Published on 18 Apr 2024 on GuruFocus.com via Yahoo Finance
Why Citigroup Is My Favorite Buffett Stock
Citigroup Inc. (NYSE:C) is primarily a global corporate bank, although it also operates a U.S. personal bank. The company just reported earnings and beat estimates on the top and bottom lines. The company has been selling its international consumer businesses, while building capital and investing in its technology. This increased operating expenses, but CEO Jane Fraser now plans to reduce those same expenses in 2024.
Despite having sold all of his Wells Fargo (NYSE:WFC) and JPMorgan Chase (NYSE:JPM) shares in recent years, Warren Buffett (Trades, Portfolio) remains a steadfast shareholder in Citigroup, which was his 10th-largest U.S. holding as of year-end 2023. According to Reuters, Buffett recently told Fraser to "keep going" on her reorganization efforts. It will be interesting to see if the guru increases his stake in the coming quarters.