Despite acknowledging economic risks, Wells Fargo CEO Charles Scharf expressed optimism about consumer spending and the bank's performance. He highlighted strong deposit balances, credit quality, and a measured pace of growth in both debit and credit card usage.
"The consumer's been extremely resilient," he said. "We don't sit here and say risks don't exist — But what we see looks pretty, pretty strong."
According to Scharf, consumer spend is going up "at a very measured pace" in both debit and credit cards. Deposit balances, he added, remain strong and credit quality is "still performing extremely well." He praised the Federal Reserve, saying the central bank managed the economy well under difficult circumstances.more than 4% last Friday just after the report.
Finance Wells Fargo Charles Scharf Consumer Spending Economic Outlook Banking Sector
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