Semafor reports the New York Fed has begun visiting major banks to review loans to private‑credit firms and assess related exposures. Fed officials have met with JP Morgan, Wells Fargo, Barclays and Morgan Stanley since spring to question overall exposures, risk management and collateral quality. The probe was partly prompted by JP Morgan’s March write‑downs of large positions in its private‑credit portfolio, notably loans to software companies seen as vulnerable to AI. Sources say the Fed has c

Semafor reports the New York Fed has begun visiting major banks to review loans to private‑credit firms and assess related exposures. Fed officials have met with JP Morgan, Wells Fargo, Barclays and Morgan Stanley since spring to question overall exposures, risk management and collateral quality. The probe was partly prompted by JP Morgan’s March write‑downs of large positions in its private‑credit portfolio, notably loans to software companies seen as vulnerable to AI. Sources say the Fed has completed reviews at some banks, including JP Morgan.