JPMorgan’s Rohrbaugh Says It’s ‘A Lot More’ Cautious on Credit

JPMorgan Chase & Co.’s Troy Rohrbaugh said the bank is being a lot more cautious on credit as it starts to see signs of “late cycle” behavior among corporate borrowers.

Rohrbaugh, co-head of JPMorgan’s commercial and investment bank, pointed to high equity valuations and tight credit spreads as causes for concern.

“You’re starting to see things that feel late cycle,” he said in an interview with Bloomberg TV Wednesday. “The problem with being in the latter innings: You don’t know if you’re in the sixth inning or the ninth inning and no one will ever know until afterwards.”