Bank CEOs increasingly turning pessimistic on economy
The outlook of the U.S. economy from Wall Street’s biggest banks is getting gloomier and gloomier, after the industry spent the past year and a half trumpeting that the U.S. economy is strong and the U.S. consumer resilient
NEW YORK (AP) — The outlook for the U.S. economy from Wall Street’s biggest banks is getting gloomier, with many top executives saying they're preparing for a potential downturn or a recession.
Following the short but potent pandemic recession in 2020, many bank CEOs have spent the past year and a half trumpeting the strength of the U.S. economy and the resilience of the U.S. consumer. Many did so again Friday after reporting their quarterly results, but this time with an overriding sense of caution.
“We recognize the pressure points are building in several areas of the economy that could lead to stress in the future,” said Andy Cecere, CEO of U.S. Bank.
Such comments reflect the growing evidence that the U.S. and global economy is weakening in the face of worldwide inflation and the war in Ukraine. On Tuesday, the International Monetary Fund lowered its forecast for 2023 global economic growth to 2.7% from 2.9%.
