AXA, the French company that owns the world’s largest stake in oft-vilified Wall Street titan Goldman Sachs, has slashed its stake in the company by more than half.
During the second quarter, AXA dumped 16 million shares in Goldman, reducing its stake in the company to 2.1 percent from 5 percent, the Financial Times reports, citing Bloomberg data.
The major AXA pullout points up what a difficult spring Goldman has had, what with the falling revenue and that Securities and Exchange Commission fraud investigation that resulted in a more than half-billion-dollar settlement. The move also offers some indication of where AXA thinks growth will occur going forward. The company pushed money into large money-center banks and away from financial services companies.