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theguardian - 2 days ago

JP Morgan boss expects further losses linked to private credit sector

Jamie Dimon says weak links in ‘shadow banking’ sector could emerge during a downturn after collapse of two US firmsThe boss of JP Morgan, Jamie Dimon, has warned over further losses linked to the private credit sector, saying more “cockroaches” could emerge after the collapse of the sub-prime auto lender Tricolor and the car parts supplier First Brands.The bank said on Tuesday that although it had no exposure to First Brands, which sells car parts across the US, it had taken a $170m (£128m) hit from Tricolor, which collapsed amid fraud allegations last month. Continue reading...


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