First Brands Collapse Blindsides Wall Street, Exposing Cracks in a Hot Corner of Finance

By Eliza Ronalds-Hannon, Irene Garcia Perez, Davide Scigliuzzo, Reshmi Basu, and Jonathan Randles

Bloomberg examines how opaque private-financing structures around First Brands left major institutions — including Jefferies and UBS — with unexpected exposure, and why the collapse is reshaping scrutiny of trade-/supply-chain finance.

To read the full article, visit: https://www.bloomberg.com/news/articles/2025-10-09/first-brands-how-jefferies-ubs-ended-up-exposed-to-its-collapse