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Buffett’s Berkshire buys Citigroup and several other stocks, slashes Verizon

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Firm adds stakes in several companies, including Ally Financial, Celanese and Paramount Global

Berkshire Hathaway Inc on Monday said it added new investments in Citigroup Inc and several other companies in the first quarter, as Warren Buffett’s conglomerate took advantage of volatile stock markets to invest $51.1 billion that had largely been sitting in cash.

Berkshire also finally exited Wells Fargo & Co, a 33-year-old investment that Buffett soured on after finding it too slow to address revelations that employees had mistreated customers, including by opening unwanted accounts. Stock sales totaled $9.7 billion, and also included drugmakers AbbVie Inc and Bristol-Myers Squibb Co .

Most large Berkshire investments are Buffett’s. Stock prices often rise after Berkshire reveals new stakes because investors view the investments as a stamp of approval.

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