Financials Down as Layoffs Spread to Wall Street -- Financials Roundup

Shares of banks and other financial institutions declined as layoffs looked set to spread to Wall Street.

Goldman Sachs Group Chief Executive David Solomon signaled at The Wall Street Journal's CEO Summit that the firm will likely have to trim its operations as it deals with a slowing economy. Morgan Stanley began cutting about 2% of its global staff, or about 1,600 of its employees.

Commercial real-estate prices are bound to drop, with the only question being by how much, said Joe Gorin, an executive at Barings real-estate operations. Recently, Blackstone limited the size of withdrawals from its flagship property fund, and now Starwood Capital has done the same.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

12-06-22 1726ET