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The Credit Market vs. The Cockroaches

The coffers are bursting again at JPMorgan Chase, Goldman, Morgan Stanley, Citigroup, and Bank of America, but Jamie Dimon and others sense the private-credit markets may signal trouble ahead. The P.E. firms have another idea.

Jamie Dimon
“It is not our finest moment,” Jamie Dimon said of the Tricolor situation. “And when something like that happens, … we scour every issue, every universe, everything about how that can be taking place to make sure it doesn’t take place from here." Photo: Jose Sarmento Matos/Bloomberg/Getty Images
William D. Cohan
October 19, 2025

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As third-quarter earnings suggest, the animal spirits have once again been unleashed on Wall Street, and big banks are making money hand over fist. JPMorgan Chase, with a market capitalization these days of around $820 billion, is on track to make $60 billion of net income in 2025 after registering $14.4 billion in the third quarter—up 12 percent over the same period a year ago. This would obviously be the bank’s best year ever. No wonder Jamie Dimon looked so dapper and relaxed at Andrew Ross Sorkin’s book party at the renovated Waldorf Astoria on Monday night. He’s broken the champagne bottle on his new, $3 billion, Norman Foster–designed headquarters on Park Avenue, his bank is killing it, and he’s got no near-term plans to retire. JPM’s stock is up 25 percent in 2025.