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Do we need to worry about shadow banking? It depends on the number of cockroaches
The Guardian
|October 23, 2025
'Im not an entomologist," said CS Venkatakrishnan, Barclays chief executive, dodging the question everybody is asking: how many cockroaches are about to crawl out of the woodwork in the private credit market?
The good news - sort of - for Barclays is that it had only one insect to point to. A £110m loss from lending to Tricolor, the US subprime auto lender that has failed amid allegations of fraud, doesn’t look good but Venkatakrishnan could simultaneously trumpet that Barclays avoided that other rotten private credit beast, First Brands. Barclays was asked to lend to the stricken auto parts supplier, but didn’t. JP Morgan, taking its own $170m hit on Tricolor, said the same last week.
One could regard these developments as mildly reassuring after a week in which the International Monetary Fund and the Bank of England have warned about risks that may be emerging in the world of private credit, AKA the shadow banking sector.
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