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Activist investor ValueAct has reportedly amassed a $1.2 billion stake in Citigroup

By Alex Morrell
Michael Corbat
Larry French/AP
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  • ValueAct Capital has taken a $1.2 billion stake in Citigroup, according to The Wall Street Journal. 
  • The activist investor supports CEO Michael Corbat and reportedly isn't pushing for significant changes.

Activist investor ValueAct Capital has amassed a $1.2 billion stake in Citigroup, according to The Wall Street Journal. 

ValueAct took an $80 million stake in the bank in December and has since built it up to $1.2 billion, which is roughly 0.7% of Citi's $175 billion market capitalization. 

The activist isn't looking to shake up management and supports CEO Michael Corbat, according to the WSJ. It is, however, pushing for an increase in cash returned to shareholders.

“We have been having constructive conversations with ValueAct and welcome them as investors,” a Citi spokeswoman told the WSJ. 

Citi stock is up 1.8% in after hours trading. 

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Alex Morrell
Alex Morrell was a senior correspondent at Business Insider covering Wall Street at large.Prior to Insider he was a staff reporter at Forbes Magazine covering billionaires and their businesses. He's previously written and worked for the Associated Press, the Green Bay Press-Gazette, the Milwaukee Journal Sentinel, and the Wisconsin Center for Investigative Journalism. He's a graduate of the University of Wisconsin and holds a master's in business and economic journalism from Columbia University. Selected recent stories:How our insatiable appetite for electricity is giving rise to traders who make money from power-grid bottlenecksBehind a Wall Street headhunter's rapid ascent lie accusations of harassment and abuseSchonfeld's growing pains: Ryan Tolkin reckons with his greatest challenge yet as returns dry up at the $13 billion hedge fundHow a California hedge fund bulldozed the state's labor laws to impose some of the harshest noncompetes on Wall StreetFear and loathing on Wall Street: Inside the paranoid, hyper-competitive onslaught to prevent quant traders from defecting to rivalsMillennium has quietly minted billions off of America's passive-investing craze. Now rivals are racing to catch up.The bubble has popped on the mighty index-rebalance trade, and the overcrowded strategy is wreaking carnage across hedge fundsInside the rapid rise and fall of Coatue's quant fund: How a 23-year-old Wharton wunderkind seized power, alienated employees, and blew a $350 million opportunityFor years, Chase and Citi credit cards offered a generous, under-the-radar benefit that protected customers. And then the bots arrived.
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