Wells Fargo CEO calls consumers ‘extremely resilient’

Wells Fargo CEO Charlie Scharf is optimistic about the consumer landscape, noting that consumers have been resilient and spending is increasing at a measured pace. Deposit balances are strong, credit quality is good, and the Federal Reserve has managed the economy well. Wells Fargo’s recent quarter exceeded expectations, leading to a surge in shares. Scharf emphasized that quarterly results are important, but the market may overreact. He remains neutral on the potential impact of the upcoming presidential election on business, saying the company will work with both sides. Overall, Scharf’s outlook is positive and he is encouraged by the candidates’ approach to business.