Wells Fargo CEO: Consumers and Businesses Remain Strong
Dow Jones
Jul 14
Wells Fargo CEO Charlie Scharf sounded an optimistic note about the economy after his bank reported a 17% profit jump in the second quarter. Here's what he had to say:
-- "Consumers and businesses remain very strong. Consumer spending is higher, charge-offs and delinquencies are lower, and savings and investments are growing across consumer segments."
-- "Businesses are cautious but balance sheets and cash flows remain strong resulting in strong credit performance."
-- "Concerns around affordability and inflation exist, but the labor market and wage growth remain strong. We know that such favorable conditions do not go on forever so we are being selective about how much and where to grow."
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