‘It’s Revenge of the Banks’ as Private Creditors Lose Their Edge

The head of a giant Wall Street bank was dining with a buy-side rival when the investor casually called banks “utilities.” What stung most, the CEO thought: It wasn’t meant as an insult.

But at the end of 2025, that bravado is shifting. Bankers who’ve been grinding their teeth as alternative asset managers invaded their turf over the past decade are now brimming with optimism about the years ahead — saying the regulatory and market environment is swinging back their way.