‘There is a slowdown happening’ – Wells Fargo, BofA CEOs issue to cooling purchaser amid Fed hikes

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Following two yrs of pandemic-fueled, double-digit progress in Financial institution of America card quantity, “the rate of expansion is slowing,” CEO Brian Moynihan reported.
While retail payments surged 11% so much this 12 months to nearly $4 trillion, that raise obscures a slowdown that began in recent weeks: November investing rose just 5%, he said.
“There is a slowdown occurring, there is no issue about it,” Wells Fargo CEO Charlie Scharf mentioned. “We are expecting a quite weak economy in the course of the total yr.”
But, in a divergence that has implications for the coming months, the downturn isn’t becoming felt equally throughout retail clients and companies, Scharf mentioned.

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