Bloomberg Businessweek

The people, companies and trends shaping the global economy.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bank results so far show that private credit woes remain contained, with executives offering words of calm for nervous investors.

First, there are no big red flags in the aggregate credit loss provisions from the four big banks that have reported so far, including Wells Fargo. The measure, where stress typically starts to show, is tracking higher for some lenders -- for instance, Goldman attributed the increase to “growth and impairments related to wholesale loans,” yet the overall number remains very modest compared to peers.

Citi’s worse-than-expected provisions were tied to US consumer card losses and a firmwide reserves build amid the uncertain macro environment, but its measure is only the highest since 2Q 2025. That has also been offset by JPMorgan’s lower-than-estimated provisions.
Taken altogether, the combined bad debt forecast tally is so far smaller than feared for the quarter and more modest than it was during the same period last year.

Banks went further to disclose at least $100 billion of specific exposure to private-credit firms, with Citi saying that it’s had zero losses over the life of the portfolio. Its executives noted on the call that the bank has strong protections in place, including a prudent approach to reserves, which it continues to constantly stress test.

For his part, JPMorgan CEO Dimon said he’s “not particularly worried” about private credit after the bank disclosed a $50 billion exposure. Goldman CEO David Solomon also defended the industry on Monday.

The remarks and moderate credit provisions so far should give investors some comfort that strains from private credit remain limited so far -- something that other parts of the credit market have been signaling as well.

Today's show features:
Herman Chan, Bloomberg Intelligence Senior Analyst, US Banks & Joe Hegener, Asterozoa Capital CIO & Founder on Bank Earnings
Alli McCartney, Alignment Partners at UBS Managing Director of Wealth Management on latest market reaction
Adam Farrar Bloomberg Economics Senior Geoeconomics Analyst for Asia-Pacific on US's Blockade on Iran
Sid Philip, Bloomberg News Chief Correspondent for Global Aviation on United CEO Pitched Trump on Possible Tie-Up with American Airlines
See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
CraftCo CEO Ali Anderson joins Tim Stenovec and Emily Graffeo to discuss her brands diverse portfolio of innovative craft spirits including celebrating a big anniversary for its Magnus Cigar Blend whiskey.
See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
President Donald Trump said Iran reached out to his administration over peace negotiations, as the US began a naval blockade of the Strait of Hormuz in the war’s seventh week.Even as Trump sought to jawbone negotiations back on track, there were few signs that was taking place after weekend negotiations failed in Islamabad. Iran blamed the collapse of talks on the US and Tehran has not confirmed further discussions on Monday.
“We’ve been called this morning by the right people, the appropriate people, and they want to work a deal,” Trump said at the White House, without elaborating on who participated in the conversation.
Trump spoke hours after the US moved to cut off vessels from transiting the vital waterway to and from Iranian ports and coastal areas, which could further inflame tensions amid the global energy crisis.
The US president once again claimed that negotiations had failed due to Iran’s insistence on maintaining a nuclear program. Trump said he was “sure” Iran will eventually agree to abandon nuclear ambitions, and reiterated there would be no deal without that concession.
This episode features:
Michelle Jamrisko, Bloomberg News White House & National Security Editor
Marc Champion, Bloomberg Opinion Columnist on Hormuz Blockade Is a Throwdown the US Can't Win: Marc Champion
Michael Ventura, Co-Head of US Equity Capital Markets at RBC on Wave of $15 Billion US IPOs Runs Headlong Into War’s New Phase
Jamil Jaffer, National Security Institute Founder & Executive Director
See omnystudio.com/listener for privacy information.

Sports-focused private equity firm 154 Partners, backed by Blackstone Inc. veteran David Blitzer, wrapped up fundraising for its debut vehicle with $400 million.
The firm hit its hard fundraising cap, according to a statement Wednesday from 154 Partners, which makes investments on the lower end of the middle market.
Blitzer, who previously led Blackstone’s Tactical Opportunities unit, is a member of 154 Partners’ investment committee along with co-founders Isaac Harrouche and Mike Berlin, who both worked with him at Tac Opps. Harrouche and Berlin launched 154 Partners last year to back smaller, family- or operator-owned companies in sports, live events, residential services and business services.
154 Partners co-founders Isaac Harrouche and Mike Berlin join to discuss the round of funding and where in the sports space they're looking to invest. They speak with hosts Tim Stenovec and Emily Graffeo, in for Carol Massar.
See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW
See omnystudio.com/listener for privacy information.