Wells Fargo CEO Charlie Scharf Says Consumers and Businesses are 'Doing Well'
Dow Jones19:07
Here's what Wells Fargo CEO Charlie Scharf said with the release of his bank's third-quarter results:
"While economic uncertainty exists and consumer sentiment remains mixed, our data shows that our consumer and business customers are doing well. Consumers are spending more, loan delinquencies are low, and deposit and investment balances have grown. Businesses continue to have strong balance sheets and losses remain low. While higher interest rates, higher oil prices and persistent inflation create risks to the economy, strong positive forces such as the investment in AI infrastructure, high employment levels and consistent wage growth continue to outweigh the risks."
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