Goldman Sachs chief executive David Solomon (Photo by Win McNamee/Getty Images)

Top Wall Street executives have downplayed the likelihood of a private credit downturn sparking a wider economic crisis, despite a string of major lenders setting aside billions of dollars to manage potential defaults on their balance sheets.

Goldman Sachs boss David Solomon dismissed the growing chorus of voices warning that tremors in the private credit market could evolve into a systemic crash, branding the spate of recent defaults “idiosyncratic”.

“We’ve been in a very, very long, easy credit cycle – one of the longest I’ve seen in my career,” he told Bloomberg at a Saudi investment summit. “At some point there will be an [end to the] credit cycle, which will probably come at a period of time when the e

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