The $3tn (£2.2tn) shadow banking industry has developed “bubble-like characteristics” that could risk triggering a wider global financial shock, the credit ratings agency Fitch has warned. Fitch said that if a crisis took hold in the private credit market, then it could ripple out to fund managers, banks and insurers who bankroll the market. The warning, issued this week, adds to a drumbeat of concern after the $12bn collapse of US auto parts giant First Brands was followed by two regional US banks sound ...