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Story summary
- JPMorgan Chase & Co., Morgan Stanley, and BlackRock restrict loans and cap withdrawals amid rising credit risk.
- As of June 2025, U.S. banks have nearly $300 billion in loans to private credit.
- In the first quarter, funds managed by Blackstone, BlackRock, and Morgan Stanley faced significant outflows, signaling liquidity stress.
- Market turbulence stems from valuation issues and transparency concerns, amplified by bankruptcies of First Brands and Tricolor.
