New Capital Rules Bring Marvel-Like Drama to Banking

Welcome to Bw Daily, the Bloomberg Businessweek newsletter, where we’ll bring you interesting voices, great reporting and the magazine’s usual charm every weekday. Let us know what you think by emailing our editor here! If this has been forwarded to you, click here to sign up.

There’s no denying that we’re seeing an “explosion of private debt” with money moving away from the banking industry and into the nonbanks, as Ken Jacobs, chief executive officer of Lazard Ltd., told me this week.