UPDATE 1-Paulson ups bet on Citi, CIT, financials

* Paulson buys more than 200,000 Citi shares in qtr

* New stakes taken in CIT Group, Wells Fargo

BOSTON Feb 16 (Reuters) - Billionaire hedge fund manager John Paulson bought more than 200,000 Citigroup shares in the fourth quarter and increased his stake in several other banks, according to a regulatory filing.

Paulson ended the year with 506.7 million shares of Citi (C.N), valued at $1.67 billion, up from up from 300 million shares worth $954 million at the end of the third quarter.

The fund's stake in Bank of America Corp (BAC.N) was trimmed, though, to 151 million worth $2.2 billion, from 159 million worth $2.3 billion three months earlier.

Paulson took stakes in commercial lender CIT Group (CIT.N) and Wells Fargo & Co (WFC.N) and upped its stake in JPMorgan Chase & Co (JPM.N), State Street Corp (STT.N) and the Milwaukee bank Marshall & Isley MI.N.

Paulson & Co.'s total holdings at the end of the quarter were worth $19.8 billion, up from $16.7 billion as of Sept. 30.

The fund's biggest single holding shown in the filing was the SPDR Gold Trust, with a value of $3.38 billion, almost unchanged from the previous quarter.

(Reporting by Ros Krasny; Editing by Phil Berlowitz)