French Insurance Giant Sells Half of Goldman Stake

AXA, the French company that owns the world’s largest stake in oft-vilified Wall Street titan Goldman Sachs, has slashed its

AXA, the French company that owns the world’s largest stake in oft-vilified Wall Street titan Goldman Sachs (GS), has slashed its stake in the company by more than half.

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 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.

French Insurance Giant Sells Half of Goldman Stake