Private Credit Swoops In as Volatility Rattles Banks’ Debt Deals (1)

Wall Street bankers have found themselves in a bind, and their powerful new rivals in private credit may once again hold the key to getting them out of it, at least for now.

When US President Donald Trump unveiled his tariff plan and upended global markets last week, banks from Barclays Plc to JPMorgan Chase & Co. were in the process of trying to pitch more than $12 billion of debt financings for corporate buyouts and other purposes. Most of the usual clients they sell the debt to, like institutional investors, were balking even before the tariff rollout.

So for some of the many risky deals they’ve committed to, including one for ...