Wells Fargo: Rate Cut Should Ease Pressure on Lower-Income Consumers

Lower inflation and interest rates may give some relief to consumers who need it most, Wells Fargo CEO Charlie Scharf said Friday (Oct. 11).Speaking during the company’s quarterly earnings call, Scharf said the bank has not seen changes in delinquencies or spending that would signal declining consumer health, but it has seen stress among lower-income consumers.“We continue to see more pronounced stress in certain customer segments with lower deposit and asset levels where inflation has partially offset stro ...