54 Soros Fund Management, the family office of billionaire George Soros, dissolved its stake in New York Community Bancorp (NYCB) and added positions in Goldman Sachs and JPMorgan Chase in the first quarter, according to a regulatory filing on Wednesday. Previously, the fund held about 1.5 million shares in NYCB, valued at approximately $15 million at the end of the fourth quarter of 2023. This increase in position came before NYCB’s stock experienced a significant drop. NYCB shares have plummeted 64% so far this year after posting an unexpected fourth-quarter loss and cutting its dividend in January, erasing billions in market value. In contrast, Soros Fund Management acquired 34,500 shares of JPMorgan Chase, valued at $6.9 million, by the end of the first quarter. The asset manager also bought 33,550 shares in Goldman Sachs, worth about $14 million, during the same period. These moves were revealed through 13-F regulatory filings, which detail investment firms’ portfolios and are closely monitored for trends, despite being released with a delay. In a related note, billionaire investor Daniel Loeb’s hedge fund, Third Point, purchased a new position in Goldman Sachs, acquiring 250,000 shares worth $104.4 million during the first quarter. You Might Be Interested In Walmart Implements Autonomous Forklifts in Distribution Centers Labour’s Plan to Support Female-Led Businesses and Address Financial Exclusion Outrage Ensues Over Fee Imposed by Budget Airline British Pound Outperforms 92% of Global Currencies Amid UK Economic Recovery Otis Secures Modernization Project and Service Contract Extension for Burj Khalifa Algerian President Approves Optimistic 2024 Finance Bill, Anticipating Robust Economic Growth