ICYMI - UBS is warning that the growing private credit bubble risks becoming the cause of the next financial crisis.

UBS Chairman Colm Kelleher was speaking at the Financial Times Global Banking Summit in London on Tuesday:

  • warned of the risks surrounding private credit: "There is no doubt that there's an asset bubble going on in private credit. You are seeing leverage building up.""
  • said a single incident could spark a "crisis in confidence" that leads to a major crash
  • "risks building up"
  • warned there are "many other asset bubbles building" (eg. commercial real estate as another risk)]
CNBC spoke with the global head of economic research at UBS and came away with the bombshell call