US big banks have released their latest earnings reports, with CEOs expressing optimism about consumer spending despite the ongoing economic uncertainty. According to Jeremy Barnum, JPMorgan Chase CFO, consumers are unlikely to show weakness in the coming months. Jane Fraser, Citigroup CEO, notes that the economy has proven more resilient than expected and private sector companies remain strong. Charles Scharf, Wells Fargo CEO, shares similar views, citing low unemployment and controlled inflation as key factors.
However, despite this confidence, banks are taking a cautious approach, with some clients showing signs of pause in capital expenditures and hiring. Citigroup’s Fraser attributes this to the adaptability of the private sector, which has benefited from the depth and breadth of American capital markets. The reaction to these reports from investors was mixed, with Wells Fargo’s stock falling 5.4% and JPMorgan Chase’s edge down 0.7%, while Citigroup rose 3.7%.
Source: https://www.axios.com/2025/07/15/wells-fargo-jpmorgan-citigroup-bank-earnings