15 Best Bank Stocks to Buy According to Billionaires

5. Citigroup Inc. (NYSE:C)

Number of Billionaire Investors: 17

Citigroup Inc. (NYSE:C) is a global financial services company operating through five main segments – Services, Markets, Banking, US Personal Banking, and Wealth. It offers a wide range of services, including cash management, investment banking, retail banking, and wealth management for high-net-worth clients. On March 13, Citigroup announced that it is cutting its reliance on IT contractors from 50% to 20% and plans to hire more full-time staff, increasing its IT workforce from 48,000 to 50,000. This move aims to improve internal controls and address regulatory concerns over data governance.

On January 14, Citigroup Inc. (NYSE:C) announced a quarterly dividend of $0.56 per common share, which was paid on February 28, 2025. The company also plans on distributing dividends on its preferred stock, with payments ranging from $9.6875 to $31.25 per depositary receipt. These dividends will be paid to shareholders who own the stock by specific record dates between January 17 and February 28, 2025.

In Q4 2024, Citigroup Inc. (NYSE:C) reported a net income of $2.9 billion, which translates to $1.34 per share, on revenues of $19.6 billion. This is a significant improvement from the same period last year, when it faced a net loss of $1.8 billion, or -$1.16 per share, on revenues of $17.4 billion. The growth in revenue was driven by strong performances across all of Citigroup’s businesses, along with a smaller impact from currency devaluation in Argentina. Overall, the improved results are largely due to higher revenues, lower expenses, and reduced credit costs. It is one of the best bank stocks as it is a favorite among Wall Street hedge funds and billionaires.