Druckenmiller and Buffett invest in Citigroup as bank undergoes transformation

Billionaire investors Stanley Druckenmiller and Warren Buffett have both recently invested in Citigroup, a bank trading at about 82 cents on the dollar. Druckenmiller's firm acquired over 327,000 shares, while Buffett's Berkshire Hathaway increased its stake. Citigroup has struggled since the Great Recession but is undergoing significant changes under CEO Jane Fraser. The bank is selling off underperforming international franchises and focusing on higher-return businesses, which has led to increased investor optimism. Citigroup currently offers a 3% dividend yield, providing returns while investors wait for potential growth. Analysts are hopeful about the bank's earnings improvement as it streamlines operations and capitalizes on favorable market conditions.