Since the 2008-09 financial crisis, private credit has been taking market share from the big banks, and Dimon has been among those warning about potential dangers lurking in the unregulated industry. Now, JPMorgan and other banks are paring back risk and sensing opportunity from the weakness of private-capital firms that are simultaneously their clients and competitors.
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Big banks are playing both sides of the private-credit meltdown
“They’re all our clients, but I’m shocked that people are shocked,” Troy Rohrbaugh, co-CEO of JPMorgan’s commercial and investment bank, said last month about the continuing pressure on private-credit funds.
