Some banks see new cracks forming in a resilient US consumer

Some banks are seeing new stresses among certain retail customers, hinting at challenges to come as a resilient US consumer navigates a series of challenges in the second half of this year.

Executives from Wells Fargo (WFC), Fifth Third Bancorp (FITB) and Capital One (COF) all said this past week that they are noticing a divergence between the two ends of their customer base, with lower income consumers feeling more pain on several fronts. They cited some credit deterioration, savings…

Read More