Axa slashes stake in Goldman Sachs

French insurance giant Axa, which was the largest shareholder in Goldman Sachs, has almost halved its stake in the investment bank.

Documents filed with the US Securities and Exchange Commission show Axa sold more than 14 million shares between January and June, reducing its stake from 4.8% to 2.8%. Axa also cut its stake in US Bancorp, but increased holdings in Wells Fargo and Bank of America. Goldman profits slumped 82% in the second quarter, after being hit by the huge US fraud settlement and the UK tax on bonuses. The investment bank's shares are trading at just under $140 today, almost $35 lower than the price before the announcement of the fraud charge in April.