Market Updates: Bank of America (NYSE:BAC), Citigroup Inc. (NYSE:C)

Market Updates


John Paulson, the hedge-fund manager who amassed a fortune by betting against U.S. mortgage markets, was among 56 investment groups that added at least 5 million shares in Bank of America (NYSE:BAC) during the first quarter. 


Paulson & Co., based in New York, bought 16.8 million Bank of America shares and held 167.8 million as of March 31, according to a filing yesterday with the U.S. Securities and Exchange Commission. The largest purchase came from Fidelity Management Group, which picked up 42.3 million shares of the Charlotte, North Carolina-based bank and held 256.8 million as of March 31. Furthermore, Paulson left unchanged his Citigroup Inc. (NYSE:C) stake of 506.7 million shares, according to the filing. The New York-based bank is Paulson’s third-largest reported holding. His biggest reported holding is SPDR Gold Trust, an exchange-traded fund backed by bullion. 
–Bloomberg