|
New York - Hedge fund billionaire John Paulson has made a US$1.45 billion (S$2 billion) bet on Citigroup's eventual recovery, buying 300 million of the troubled bank's shares.
At the same time, he entirely sold out of his US$328 million stake in Goldman Sachs, and sold down part of the US$2.2 billion stake he took in Bank of America earlier in the year. The fund also cut its stake in JPMorgan Chase by 5 million shares.
Investors have been scrutinising Mr Paulson's holdings since he reaped big gains by betting that the mortgage market in the United States would collapse in 2007.
For more The Straits Times stories, click here.
| 
