Financials Up as Default Fears Fade -- Financials Roundup

Dow Jones2023-06-02

Shares of banks and other financial institutions rose as the debt-ceiling deal looked set to pass Congress.

The SPDR S&P Regional Banking exchange-traded fund, a basket of distressed regional banks, rose by more than 2%. SVB Securities, the investment banking affiliate of Silicon Valley Bank, is preparing a management buyout that has the backing of Seth Klarman's hedge fund, Baupost Group, The Wall Street Journal reported.

Investment firm Pretium Partners is paying more than $1.5 billion for thousands of homes, The Wall Street Journal reported.

Goldman Sachs Group shares fell after the firm's chief operating officer warned that trading-desk revenue is likely to decline 25% in the current quarter, reflecting thinly traded and unpredictable markets. Other Wall Street banks echoed the sentiment, with one Morgan Stanley executive warning that trading revenue would be "notably down."

Customers of Apple's new savings offering, launched in partnership with Goldman Sachs, have reported some trouble in withdrawing funds.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

June 01, 2023 17:29 ET (21:29 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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