In early 2022, Warren Buffett and his investing team at Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) made a splash by buying $3 billion in shares of (NYSE: C).

At the time, Citigroup was experiencing seismic change under new CEO Jane Fraser. The stock's valuation was hovering well below its peers, still hobbled by a poor reputation and memories of its 2008 government bailout. Fraser promised a way out through targeted cost-cutting, which she believed would make the bank more efficient -- and profitable.

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Source Fool.com