“There’s always a surprise in a credit cycle,” Dimon said, adding that the surprise has often been which industry. Private creditDimon’s lender largely stayed on the sidelines early in the private credit cycle. The cockroach quip sparked a war of words over whether banks or private credit firms are better positioned to weather a broader downturn. The financial industry, like many others, has also suffered stock declines in recent weeks because of AI concerns. In the wide-ranging question-and-answer session at what the bank called a “company update” for investors, Dimon inevitably got asked about succession.

Source: The Edge Markets February 24, 2026 11:56 UTC