US Banks’ Private-Credit Zeal Fuels $348 Billion Pile of Loans

Wall Street has been pouring into private credit, fueling rapid growth in firms’ portfolios of loans to non-banks.

Lending to so-called non-depository financial institutions has almost quadrupled over the past 10 years, surging to about $1.4 trillion as of the end of 2025, Moody’s Ratings said in a report Tuesday. Such lending makes up roughly 11% of banks’ total loans, and is the fastest growing portion of their balance sheets.