George Soros has had enough of Citigroup (NYSE:C), and via his Soros Fund Management, he pretty much liquidated his position in the bank which had been performing strongly in the first quarter, but obvious fundamentals didn’t warrant his continued participation in the stock.
This was revealed through the required 13f filing the company provided.
Citigroup has definitely lost its luster, and there’s really nothing much in the near term which will change any of that, which CEO Vikram Pandit has already concluded, saying there will be a lot of ups and downs for the giant bank as it attempts to rebuild its foundation while divesting of its non-core assets.
Soros did retain a tiny amount of shares in Citigroup, having owned 94.7 million share at the end of 2009, which now are down to an irrelevant 10,500 shares.
He evidently got out at the right time with this move, as Citigroup, while rising strongly in April after Soros got rid of the shares, is down below the levels that Soros sold at.
For J.P. Morgan (NYSE:JPM), Soros increased his position in them from 111,900 shares in the prior quarter, which were valued at $4.7 million, to 2.6 million shares, now valued at about $114.9 million. That is as of the end of March 31.