Chairman, president and CEO of Bank of America; Brown University chancellor
Private credit funds have seen significant redemption requests in Q1 2026: Blackstone reported nearly 8% of investors asking for cash, while Apollo, Ares and Blue Owl have seen double-digit outflows. Managers are blaming news "noise," but withdrawals are resembling a slow-motion run that will increase liquidity stress on funds.
Banks are reporting strong second-quarter earnings, driven by investment banking fees from the SpaceX IPO and a rebound in commercial lending. Wall Street traders are benefiting from volatility, while consumer credit remains resilient. Analysts expect JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley to report solid results.