Paul J. Davies

When Jamie Dimon turned to competitive threats in his shareholder letter this year, the chief executive officer of JPMorgan Chase & Co. did something unusual: He named some. Citadel Securities LLC and Revolut Ltd. were two of the firms Dimon picked out. He could also have added Apollo Global Management Inc. and even Pacific Investment Management Co.

UBS Group AG had a very profitable first quarter — and that’s a bit of a headache for the Swiss bank.

UBS Group AG had a very profitable first quarter – and that's a bit of a headache for the Swiss bank.

Sometimes small changes speak loudly. Deutsche Bank AG’s new chief financial officer, Raja Akram, put the German lender’s consumer and asset management businesses before its corporate and investment banking units in his first earnings presentation last week. Akram, who joined from Morgan Stanley last year, wants Deutsche Bank to earn a smaller share of its profit from trading and dealmaking.

Marc Rowan is obsessed with the press. The chief executive officer of Apollo Global Management Inc. never turns down the chance to blame the foolish media for all misconceptions and fears about what private credit is and what risks it presents. The main problem with that is he’s wrong.

Take two private credit portfolios run by the same firm for different investors: Should the managers be allowed to trade unlisted assets between them? It sounds like a practice mired in conflicts of interest and ripe for abuse — and yet lobbyists for big funds are asking US watchdogs to lift the ban on such transactions.

TAKE two private credit portfolios run by the same firm for different investors: Should managers be allowed to trade unlisted assets between them?

Even if armchair investors are fleeing private credit or panicking that their unlisted shares in Anthropic PBC are now invalid, the long-term trend is clear: Public markets keep losing ground to private funds. That’s one big reason for the proposals to ditch quarterly reporting demands for listed companies.

Ownership of unlisted equity is rising as public and private markets converge—but they mustn't move to more opacity. Private equity can have surprises for investors, as in Anthropic's case. What's need is more disclosure overall, not less.

New Federal Reserve Chairman Kevin Warsh has long argued that the central bank should aggressively shrink its $6.7 trillion balance sheet, bloated by years of bond buying. He now has two powerful allies in Treasury Secretary Scott Bessent and the Fed’s vice chair for supervision, Michelle Bowman.