Blackstone Group LP, the world’s biggest buyout firm, said first-quarter profit rose as market gains lifted the carrying value of its holdings. The shares fell after the company said a lackluster economy may curtail investing.
Goldman Sachs Group Inc. said two leaders of its biggest division are leaving the company a week before it reports what some analysts predict will be the lowest annual profit since the firm went public.
Goldman Sachs Group Inc. ’s stake in Facebook Inc. and plan to offer shares to wealthy clients shows how Chief Executive Officer Lloyd Blankfein ’s model of investing the firm’s own capital continues to pay off.
Morgan Stanley fell in New York trading after reporting a 50 percent drop in earnings on the biggest decline in trading revenue among Wall Street firms. The company said it will cut headcount by 4,000 this year.
Wall Street’s biggest banks, rebounding after a government bailout, are set to complete their best two years in investment banking and trading, buoyed by 2010 results likely to be the second-highest ever.