Private-Credit Defaults Expected to Drive 2026 Stress, UBS Says

Srini Gopalan, CEO of T-Mobile, discusses the company's investment in Formula 1, particularly its sponsorship of the Las Vegas Grand Prix. He also highlights the '15 Minutes to Better' program, which allows customers to switch carriers in just 15 minutes. Gopalan shared these insights during an interview with Romaine Bostick and Katie Greifeld on 'The Close.'

Mickey Drexler, chairman of Alex Mill and former CEO of J.Crew Group, has stated that the retail landscape is increasingly promotional. In an interview, he highlighted that the rise of private-label brands and ongoing discounting practices are undermining product integrity.

Mexican real estate investment trust Nearshoring Experts & Technology SC raised approximately $400 million in a share sale, which fell short of the targeted amount due to a last-minute decline in international interest, according to sources familiar with the transaction.

John Flavin, CEO of Portal Innovations, reports that the company is witnessing an increase in funding from sources beyond traditional government and venture capital. In an interview with Romaine Bostick and Katie Greifeld on 'The Close', he highlights that states are becoming more proactive in investing in innovation.

Finance industry billionaires are expressing growing concerns about the rising risks in private credit markets. They attribute these risks to soaring asset valuations, insufficient regulation, and macroeconomic pressures, which may lead to significant financial instability.

Michael Feroli, chief US economist at JPMorgan Securities, indicated that a rate cut in December will be a close decision. He noted that the price pressures related to tariffs have likely not been fully absorbed, suggesting that core inflation may remain in the upper-2% range longer than the Federal Reserve would prefer.

Apollo Chief Economist Torsten Slok stated that the Federal Reserve has no choice but to keep interest rates on hold during its upcoming December meeting. He made these remarks during an appearance on Bloomberg's 'The Close.'

Mark Mason will step down as CFO of Citigroup as the bank undergoes a leadership revamp. Gonzalo Luchetti has been named as his successor and will assume the role early next year, according to a statement. This change comes as part of a broader restructuring effort at the bank.