Leaders from Bank of America, Citigroup and Wells Fargo told investors this week that consumers were continuing to spend money and mostly pay their debts on time.
“Despite what you may read in terms of softening, we are seeing activity levels still to be quite strong and credit performance to still be quite good on the consumer side,” Wells Fargo CFO Mike Santomassimo told investors at a conference on Tuesday.
Citigroup’s CFO Mark Mason said consumer spending is up and delinquencies, especially on the credit card portfolio, are under control. “On the consumer side, we continue to see spend up particularly in our branded card portfolio,” he said. “We aren’t seeing any abnormal signs around delinquencies with our card customers.”
DB2