Axa Slashed Goldman Stake in the Second Quarter

Axa (AXAHY), the largest investor in Goldman Sachs (GS), cut its stake by more than 50% in the second quarter as the bank dealt with civil fraud charges and flagging business.

Axa, a French insurance and wealth management company, reduced its stake in Goldman from about 5% at the start of April to 2.1% at the end of June, the Financial Times reported. That's a sell-off of more than 16 million shares.

Goldman's stock dropped 23% in the second quarter, beginning the decline when the SEC charged the bank with misleading investors in an offering of collateralized debt obligations. The bank settled for $550 million in July.

Also in July, Goldman reported an 83% drop in quarterly profit.

At the end of the second quarter, Axa was the seventh-largest Goldman stockholder.

Read Full Story

Markets

DJIA 26,405.76 158.80 0.60%
NASDAQ 7,950.04 -6.07 -0.08%
NIKKEI 225 23,672.52 251.98 1.08%
HANG SENG 27,407.37 322.71 1.19%
DAX 12,219.02 61.35 0.50%
USD (per EUR) 1.17 0.00 -0.08%
USD (per CHF) 0.97 0.00 0.41%
JPY (per USD) 112.28 0.01 0.01%
GBP (per USD) 1.31 0.00 -0.22%