People with umbrellas pass the New York Stock Exchange on Oct. 13, 2025. Photo by AP Photo/Richard Drew

Top U.S. financiers have warned of an erosion in lending standards after credit markets were shaken by the collapse of First Brands Group and Tricolor Holdings.

Apollo Global Management LLC chief executive Marc Rowan said the unravelling of the two businesses followed years in which lenders had sought out riskier borrowers.

“It does not surprise me that we are seeing late-cycle accidents,” Rowan said on Tuesday. “I think it’s a desire to win in a competitive market that sometimes leads to shortcuts.”

Last month’s failure of First Brands and subprime auto lender Tricolor has reverberated across credit markets and left investors such as Blackstone and PGIM, as well as major banks in

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