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According to regulatory filings, John Paulson had sold his entire stakes in Bank of America and Citigroup as of the end of 2011, Bloomberg reports.Paulson’s funds sold 25.1 million and 64.3 million shares of Bank of America and Citigroup, respectively, with a total value of just over $1 billion as of December 31, 2011.
In the first month and a half of 2012, Bank of American shares surged up 44.6% and Citi shares have risen 23.4%.
Paulson’s large positions in both banks weighed down his returns throughout 2011 and his decision to cut his losses in the fourth quarter of 2011 means he’ll miss out on this early year positive performance in the two troubled bank’s shares.
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