JPMorgan CEO Jamie Dimon expects to see more bankruptcies like First Brands if the private credit market goes into an economic downturn. “I probably shouldn’t say this but when you see one cockroach, there are probably more. And so we should—everyone should be forewarned on this one,” he told analysts on his Q3 earnings call. More broadly, JPMorgan, Goldman Sachs, and Citi all said their private credit books were diversified and high-grade.

Executives at JPMorgan, Goldman Sachs, and Citi all used their earnings calls yesterday to assure investors that the bankruptcy of auto parts supplier First Brands—which had borrowed more than $10 billion—did not mean that the private credit market is systemically weak.

But JP’s CEO Jamie Dimon also warned that if or when an economic downturn comes

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