Large French insurance company AXA, which is headquartered in Paris, has decided to reduce its holdings in United States investment banks such as Goldman Sachs, BB&T (BBT) and Morgan Stanley. Instead they have elected to move more money toward companies such as Bank of America, Wells Fargo, Citigroup, and JP Morgan Chase.

AXA elected to cut its holdings in Goldman Sachs by more than 50% during the June ending quarter. They reportedly were considered to be the largest single shareholder of Goldman Sachs.

AXA specializes in life & health insurance, as well as various other kinds of insurance, and investment management, and operates mainly in West Europe, Asia Pacific, the Middle East, and North America.