Dimon Cockroach Barb Bursts Uneasy Truce With Private Credit (2)

On Wall Street, everyone’s a friendly rival until the losses start.

A pair of blowups in the credit market have sparked a war of words over whether banks or private credit firms are better positioned to weather a broader downturn.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon used his bank’s losses from auto lender Tricolor Holdings to say there’s never just one cockroach — a quip some of his nonbank rivals have taken as a shot at them.

Blue Owl Capital Inc. boss Marc Lipschultz fired back, saying the issue was in loans that banks led, so Dimon ...