Bank of America Reclaims Market Share From Private Credit Lenders

Bank of America is competing directly with non-bank lenders for high-value M&A financing. The bank earmarked $25 billion specifically for private credit deals in the first quarter of 2026 to fend off competition from private equity and shadow banking entities. This move reclaims market share that had been leaking out of the regulated banking system for a decade. The strategic pivot was supported by a shift toward more lenient M&A regulations in Washington, which unblocked a backlog of deals that had been stalled for years. This regulatory green light allowed large-cap firms to proceed with mega-mergers, such as McCormick & Company's $42.7 billion acquisition of Unilever's food business. Bank of America maintains its grip on high-value M&A financing.