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reuters

Hedge fund billionaire Paulson reports new Citi stake

  • On 7:00 pm EST, Friday November 13, 2009

NEW YORK (Reuters) - Hedge fund billionaire John Paulson's firm took a stake in Citigroup (NYSE:C - News), while cutting holdings in Bank of America (NYSE:BAC - News) and its interest in Goldman Sachs (NYSE:GS - News), according to a regulatory filing on Friday.

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BAC16.29+0.20
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GS172.00+1.99
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Paulson, whose firm Paulson & Co bet against financial companies and the housing market before the credit crisis, also dissolved his stakes in Petro-Canada, Humana Inc (NYSE:HUM - News), State Street Corp (NYSE:STT - News) and AT&T Inc (NYSE:T - News), according to a filing with the U.S. Securities & Exchange Commission.

Besides Bank of America, Paulson cut his stake in JPMorgan Chase & Co (NYSE:JPM - News) by 5 million shares.

Investors scrutinize Paulson & Co's holdings since the firm reaped big gains by betting that the U.S. mortgage market would collapse in 2007. It also bet that financial services companies would tumble last year.

(Reporting by Robert MacMillan; editing by Carol Bishopric)

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