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.
