Buffett's Berkshire tweaks bank play with $2.9-billion bet on Citi

Buffett, Berkshire's chief executive officer and chairman, his investing deputies have been on one of Berkshire's biggest buying sprees, with about $41 billion of net purchases during first quarter

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.

Berkshire has spent recent years revamping its bank bets. It pulled back from big-name investments including stakes