Paulson & Co., the hedge fund run by John Paulson, trimmed positions in Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. in the third quarter and sold off Goldman Sachs Group Inc. as regulatory changes and disputes over faulty mortgages threatened to hurt bank profits.
Paulson, whose New York-based hedge fund has $33 billion in assets, sold 30 million Bank of America shares in the quarter, or about 18% of his stake, according to a regulatory filing Monday. The billionaire's position in the company was valued at $1.8 billion as of Sept. 30. Bank of America shares fell 8.8% in the quarter.
Paulson's fund also cut its Citigroup stake by 16%, the filing with the Securities and Exchange Commission showed. The firm still owned $1.7 billion in shares of the New York banking company.
Paulson trimmed his Wells Fargo stake by 11%, holding 15.5 million shares in the San Francisco-based bank valued at $389 million as of Sept. 30.
He cut his position in JPMorgan Chase & Co. by 29%, keeping a $190 million stake in the New York company, and sold his entire holding in New York-based Goldman Sachs, valued at about $144.4 million at midyear.